Fedak resigns from Bear

After 14 years at Bear Stearns, Michael Fedak, global head of interest rate derivatives and municipal derivatives, has left the firm in order to take some time off from the business and spend more time with his family, according to a person familiar with the matter.

His responsibilities have been split between Michael Nierenberg, who is now head of global interest derivative trading, and Steven Salvador, who is now global head of municipal bond derivative trading in New York. Bear Stearns has not yet named Fedak’s replacement.

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