Lehman Brothers has agreed to acquire H.A. Schupf & Co., a $2.5 billion money manager based in New York, for an undisclosed sum. Lehman will merge Schupf & Co. with its wealth management subsidiary, Neuberger Berman.

Schupf & Co. was founded in 1979 by H. Axel Schupf. As part of the deal, partners Axel Schupf, Elisabeth Lonsdale and Barbara Tammy will join investment groups at Lehman Brother’s private asset management division.

Lehman Brothers, a financial services firm headquartered in New York, has more than $50 billion in high-net-worth assets under management. Its Neuberger Berman subsidiary is part of Lehman’s asset management business.

—Andrew Farrell