Boutique investment bank Evercore Partners has acquired the London-based fund placement business of asset manager Neuberger Berman as it seeks to strengthen a European business that continues to underperform compared to its US parent.

According to a statement, Evercore has agreed to acquire the private funds placement group from Neuberger Berman for an undisclosed fee. Neuberger Berman is the former Lehman Brothers asset management arm, which was sold to its management via a management buy-out in December 2008.