Lehman hopes to announce asset management sale in October

NEW YORK (Reuters) - Lehman Brothers LEH.N hopes to announce the sale of a stake in its asset management business in October, a person familiar with the matter said on Wednesday.

Lehman plans to retain 45 percent to 49 percent of the business, the source said. Bids are due Friday, he added.

Lehman said earlier on Wednesday that it intends to sell a majority interest in part of its investment management unit, including the asset management, private equity and wealth management businesses.

(Reporting by Dan Wilchins; editing by John Wallace)