Things are looker bleaker at Lipper & Company. The hedge fund manager has lost its team of junk bond managers and analysts to Neuberger Berman. The team is lead by Wayne Plewniak and Daniella Lipper Coules who had managed the Lipper High Income Bond Fund.

Plewniak and Coules will become managing directors of Neuberger Berman, but other terms of the deal were not disclosed. Both will start their new jobs in the third quarter. Plewniak will serve as a senior portfolio manager in the Neuberger Berman High Yield Fixed Income Group. Coules will become a portfolio manager in the Neuberger Berman High Yield Fixed Income Group.

Lipper & Co. hit the skids recently and was forced to shutter two of its hedge funds, including the Lipper Convertible fund after suffering steep losses of up to 45 percent. Kenneth Lipper reportedly is not seeking to replace the managers.  

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