Lehman’s plan to sell a majority stake in a portion of its investment management division, including Neuberger Berman, could be a sign of things to come for the financial industry.

Already, the sector has been active. The number of transactions is up and on pace to surpass the record 217 deals last year, according to Freeman & Co, an independent advisory firm focused on financial services.

The first half saw 119 deals globally, up 28 percent year-over-year, driven by a jump in mid-market transactions involving $1 billion to $10 billion in assets under management. Larger transactions are flat with 14 deals in the first half versus 27 last year, according to the report.

“We are beginning to see more strategic discussions as banks reposition their overall businesses and decide what place, if any, asset management will have in their firms,” Freeman COO Eric Weber said.

Among other institutions, National City already has its Allegiant Asset Management business on the block. The bank says it has enough capital to get through the crisis.

Other banks with sizeable businesses include Wachovia’s Evergreen with $245 billion, Key Corp’s Victory Capital Management with $80 billion and Fifth Third Asset Management with $33 billion, according to the report.

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