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Exhibit 99.1
[LETTERHEAD OF NEUBERGER BERMAN INC.]
CONTACT:
Robert Matza Margaret Towers
Neuberger Berman TowersGroup
212-476-9808 212-354-5020
NEUBERGER BERMAN TO ACQUIRE PRIVATE ASSET MANAGEMENT
BUSINESS FROM DELTA CAPITAL MANAGEMENT
---------------------------------
Francis L. Fraenkel and Peter K. Loeb To Join Neuberger Berman
As Managing Directors and Money Managers
NEW YORK, NY, October 31, 2000...Neuberger Berman (NYSE: NEU) announced it
intends to acquire the approximately $550 million private asset management
business of Delta Capital Management LLC. Francis L. Fraenkel and Peter K. Loeb,
who manage private assets at Delta, will join Neuberger Berman as Managing
Directors and will serve as money managers in Neuberger Berman's Private Asset
Management Group. The transaction is expected to close prior to year-end. Terms
were not disclosed and the agreement is subject to certain conditions.
Delta Capital Management's institutional business, managed by William Coughlin,
will not be included in the acquisition by Neuberger Berman and will operate
independently.
Messrs. Loeb and Fraenkel have worked together since the 1970s when they were
partners of the investment firm Loeb Rhoades. In 1992, Mr. Fraenkel founded
Delta Capital with Lida B. Greenberg and serves as the firm's Managing Partner.
Mr. Loeb is a principal of Delta Capital. Both Messrs. Fraenkel and Loeb
specialize in the large cap growth style of management. Following the
acquisition, Ms. Greenberg will become a consultant to Neuberger Berman.
(MORE)
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NEUBERGER BERMAN TO ACQUIRE.../PAGE 2
"We're delighted that these well-regarded professionals have joined our firm as
money managers," said Heidi L. Schneider, Executive Vice President of Neuberger
Berman and head of the Private Asset Management Group. "They have extensive
investment experience and a loyal client following." Ms. Schneider noted that
their addition to the Private Asset Management Group is in keeping with
Neuberger Berman's commitment to bringing on proven investment teams as part of
Neuberger Berman's growth strategy. She added that Neuberger Berman will
continue to seek acquisitions like this one.
"Neuberger Berman's reputation as a premier provider of investment advisory
services will be highly attractive to our clients. Further, Neuberger Berman's
advanced technological services, independent research and trust capabilities
will enable us to better serve our clients. At Neuberger Berman, we'll be able
to focus on what we do best -- managing clients' assets," said Mr. Fraenkel.
"We've long been admirers of Neuberger Berman," added Mr. Loeb. "We're very
pleased that we can put our skills and experience to work there."
Neuberger Berman is an investment advisory company that has provided clients
with a broad range of investment products, services and strategies for more than
60 years. Neuberger Berman engages in private asset management, estate planning
and trust services, mutual funds and institutional management, and professional
securities services for individuals, institutions, corporations, pension funds,
foundations and endowments. Its website, and this news release, can be accessed
at www.nb.com. Neuberger Berman is headquartered in New York with offices in
major cities throughout the United States.
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