Lehman Brothers sells real estate funds business to ex-managers

Lehman Brothers Holdings Inc., the investment bank liquidating in bankruptcy, sold the management contract for its real estate funds to the former executives who ran the business, CEO Bryan Marsal said. The investors in the funds “chose overwhelmingly to support a bid led by former management,” Marsal said in an e- mail. “This is not surprising in that the fund managers have detailed knowledge of the portfolio and good historic performance.”

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