(Bloomberg News) Glickenhaus & Co., the New York manager of $900 million in assets that traces its roots to 1938, will move its business to investment firm Neuberger Berman. Terms weren't disclosed.
Portfolio-management responsibilities will shift to New York-based Neuberger's Straus Group, led by senior partner Marvin Schwartz, the companies said today in a statement. The Straus Group oversees about $11 billion of client assets.
Seth Glickenhaus, 98, who began working on Wall Street as a messenger weeks before the 1929 crash, is one of the few current money managers who lived through the Great Depression. Seth Glickenhaus, James Glickenhaus, 50, and Al Feinman will serve as senior advisers to the Straus Group, although direct management of client accounts will be at the sole discretion of Neuberger, according to the statement.
Neuberger Berman is a private employee-controlled money manager with $202 billion under management. Founded by Roy Neuberger in 1939, the firm has mutual funds, private equity and hedge funds.