Asset manager Neuberger Berman Group LLC has agreed to acquire Lehman Brothers trust businesses.

The deal was announced Thursday but terms were not disclosed. The firm said it is acquiring Lehman Brothers Trust Co., N.A., and Lehman Brothers Trust Co. of Delaware and expects the transactions to close later this year. Lehman Brothers Trust Co., N.A., is nationally chartered, authorized to act throughout the country. Lehman Brothers Trust Co. of Delaware is state chartered, authorized to act in Delaware.

Regulatory authorities and the bankruptcy court will need to approve the deal for it to go through, Neuberger Berman said. Lehman Brothers bought Neuberger Berman in October 2003. But last year, Lehman Brothers went bankrupt during the credit crisis, and in December, Neuberger Berman was sold to its management as part of Lehman's liquidation.

Robert J. Laughlin, the current president of Lehman Brothers Trust Co., N.A., will lead the Neuberger Berman Trust Co. when the deal is completed.

Although part of Lehman more recently, the trust businesses were launched and grew as part of Neuberger Berman from 1994 until 2005, said Diane Lederman, managing director and general counsel at Lehman Brothers Trust Co.

Established in 1939, Neuberger Berman managed approximately $158 billion in assets as of June 30. It provides customized separately managed accounts, mutual funds and alternative investments to institutions and individuals.