Lehman Brothers is not converting its asset management (AM) unit into a long-term operation, Reuters reports. The move comes after the creditors of the bankrupt investment bank objected to the plan.

As a substitute, Legacy Asset Management (LAMCO) will continue to liquidate Lehman assets over the next few years to pay back creditors and will not seek a partner to manage the business. Elliott Management, MetLife and Vanguard Group are some of Lehman’s creditors.

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