Lehman Sale of Fund Unit Delayed: Report

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The sale of

Lehman Brothers'

investment-management unit has been delayed because of wrangling over how to run the business and pay fund managers, according to a media report.

Lehman, which earlier this month filed for bankruptcy, wanted to announce the sale to

Bain Capital

and

Hellman & Friedman

by last week,

Bloomberg

reports, citing people familiar with the talks.

Sticking points include the new company's management structure, compensation at the Neuberger Berman fund unit, and valuing Lehman's private-equity assets,

Bloomberg

adds.

Bain and Hellman, which originally submitted separate bids, are now negotiating to buy the unit together, valuing the business at less than $4 billion,

Bloomberg

reports.

This article was written by a staff member of TheStreet.com.