Neuberger Berman to buy Merrill Lynch Alternative's fund of funds business

Neuberger Berman said Thursday that it has agreed to buy the private equity fund of funds business of Merrill Lynch Alternative Investments LLC. Key private equity professionals from Merrill Lynch will also be joining Neuberger Berman. The transaction is expected to close in August. Merrill Lynch Alternative Investments LLC is the alternative investment business of Bank of America Corp.

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