Lehman Brothers Begins Final Audit

NEW YORK International investment specialist Lehman Brothers is in the final stages of a review for global duties on its brand and that of Neuberger-Berman.

Lehman Brothers parted with incumbent The Gate in July after the independent shop declined to participate in the review. Neuberger-Berman incumbent, Agency 212, did not advance past the semifinalist round, sources said.

Still in contention are three shops: WPP Group’s Grey in New York, Cramer-Krasselt/Hampfel Stefanides and Omnicom Group’s Della Femina Rothschild Jeary and Partners, sources said. The New-York based client is expected to make a decision at the end of September or beginning of October.

The client spent about $3 million on U.S. advertising in 2004, according to TNS Media Intelligence.

Sources said Lehman Brothers has not discussed a global budget with contenders. Neither the client nor the agencies would comment.

Lehman Brothers’ investment services include equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity, according to the company’s Web site. The firm, which operates a network of offices worldwide, is based in New York and maintains regional headquarters in London and Tokyo.

Staff Reports