The sale of Lehman Brothers' investment management unit, including Neuberger Berman, was widely expected last week, but the week came and went without a deal announcement. The delay is due to wrangling over how to run the business and compensate fund managers, Bloomberg reported Tuesday, citing three anonymous sources. Lehman is said to have hoped to announce the sale to private equity firms Bain Capital and Hellman & Friedman last week.

Bain and Hellman originally bid for the business separately but have since joined forces to purchase the unit, valuing it at less than $4 billion, according to the report.

There are about 25 teams within Neuberger that manage money for wealthy clients and getting all of them to agree to the transaction terms has been difficult, Bloomberg's sources said.

There's also the issue of what the new company's management structure would look like and the fate of Lehman's private-equity assets has to be determined.

Lehman hopes to have a deal in place this week. 

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