All of the common equity not previously owned by employees has been purchased.
Neuberger Berman portfolio managers and senior professionals, representing more than 20 per cent of the firm's 2,000 employees, now own equity in the company.
The company was the subject of an employee-led buyout after it emerged from the ashes of collapsed parent Lehman Brothers in the wake of the global financial crisis.
Neuberger Berman chief executive George Walker said a broad employee ownership structure aligns a firm more closely with its clients than other business models.
"Returning to our roots as a private partnership enables the firm to focus all of our resources and efforts on managing money and providing customised advice for clients, which further strengthens our culture," Mr Walker said.
The firm is effectively returning to its founding business model in 1939 when it was owned by its employees.
"The path to 100 per cent employee ownership was approved in December 2011 following an agreement reached between Neuberger Berman’s management, which at that time owned 52 per cent of the firm’s common equity, and the Lehman estate, which held the remaining 48 per cent," said a statement by the firm.
"The sources of these equity purchases are cash flow from operations and voluntary elections by employees to purchase additional equity," it said.
