A group of managers and employees has won an auction to buy Lehman Brothers Holdings’ prized investment management unit, which includes the Neuberger Berman money management business.

The bid by the Neuberger Berman group bid beat out two other competing bidders, one of which included private equity firms Bain Capital Partners and Hellman & Friedman, who had proposed paying $2.15 billion.

Lehman Chief Operating Officer Jim Fogarty said the management group’s bid offered greater value than other bids and had more certainty of closing.

Lehman filed for bankruptcy protection on Sept. 15.

A new company will be created, called Neuberger Investment Management, and will comprise businesses that managed approximately $160 billion of assets.