UPDATE 1-Evercore buys Neuberger's pvt funds placement business

* Neuberger to get earnout payments

* Business to operate as Evercore Private Funds Group

Feb 24 (Reuters) - U.S. merger advisory boutique Evercore Partners Inc (EVR.N) said it acquired the private funds placement business of asset manager Neuberger Berman, formerly a part of Lehman Brothers. Neuberger, which emerged as an independent, employee-owned firm in May last year, will get earnout payments for a period of time as part of the agreement.

Other terms of the deal were not disclosed.

The Private Funds Placement Group advises fund sponsors on fundraising process including market assessment, investor introductions, marketing materials, due diligence, asset raising and documentation.

The business will operate as Evercore Private Funds Group, which will initially have eight professionals, and will be led by Richard Anthony, the companies said in a joint statement. (Reporting by Sweta Singh in Bangalore; Editing by Gopakumar Warrier)