Lehman Brothers (LEH), which is currently fighting for its survival, has on Friday (09/12/08) evening, reportedly received an offer for its asset management division from private equity firms Clayton Dubilier & Rice and Bain Capital. Lehman’s (LEH) asset management division encompasses Neuberger Berman and Lehman Brothers Asset Management.

According to the Lehman Brothers website, Neuberger Berman provides money management for individuals and families, while Lehman Brothers Asset Management specializes in investment strategies for institutional and qualified individual investors.

In a bid to raise capital and keep the firm going, Lehman Brothers was looking to sell the asset management division, while retaining the company, or seek outside investors who’d take a stake in the company and infuse capital into the company. Korea Development Bank was interested, but they could not agree on a price with Lehman and they faced opposition from the Korean financial regulators.

The stock, which had managed to stay above