Administrators from PricewaterhouseCoopers have offloaded one of Lehman Brothers key divisions to asset management company Neuberger Berman.

Lehman Brothers' European Asset Management arm is now in the hands of NBEH Limited, a UK company owned by the US-based Neuberger Berman Group:

The firm said: 'Dan Schwarzmann,Tony Lomas, Steven Pearson and Mike Jervis, partners at PricewaterhouseCoopers and joint administrators to Lehman Brothers Holdings PLC, are pleased to announce that following months of negotiations they have successfully completed the sale of the asset management arm of Lehman Brothers Europe, Lehman Brothers Asset Management to NBEH Limited, a UK company which is ultimately owned by Neuberger Berman Group.'

Neuberger Berman Europe Limited as the business will now be named, will become the European arm of the asset manager.

Dan Schwarzmann, joint administrator and partner at PricewaterhouseCoopers LLP said:

'The sale of Lehman Brothers’ European asset management company to NBEH Limited is another completed milestone in our challenge of unwinding the Lehman Brothers businesses in the UK and Europe. It is excellent news for the employees, who have been working closely with us since last September and is a further step in our progress of maximising value for the benefit of the creditors.'