Lehman Brothers Asset Management has been selected to manage a â¬16bn ($25bn) structured finance securities portfolio formerly owned by SachsenLB, the troubled German regional bank taken over by Landesbank Baden-Württemberg earlier this year. The move follows a deal in April, when WestLB selected Pimco to run the vehicle it created to ring-fence its â¬23bn structured debt portfolio.
Germany's Free State of Saxony awarded the SachsenLB mandate to Lehman in consultation with Landesbank Baden-Württemberg and a group of German banks in an open pitch process that included several other investment firms, Lehman said in a statement.
