Bear Stearns hires UBS executive in Europe

9 January 2007

Bear Stearns has taken on the UBS joint-head of German investment Florian Lahnstein to aid expansion in Europe.

The Financial Times reports that Mr Lahnstein will take on the role of London-based vice chairman of European investment banking at Bear Stearns, as the firm aims to expand outside of the US.

Currently Bear Sterns only brings in around 15 per cent of its income from outside the US.

Mr Lahnstein is expected to focus on establishing a European corporate banking practice in media, transport, retail and leveraged buy-out groups as well as building business in Germany.

Bear Sterns will also be taking on fellow German Peter Wiederholt, from Morgan Stanley, as managing director of fixed-income sales to German insurance groups and pension funds.

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