Ex-quant replaces Nagioff as Lehman fixed-income chief

Andrew Morton has been named Lehman Brothers’ new global head of fixed income, following the announcement of Roger Nagioff’s departure on February 5. Nagioff became Lehman’s first global head to be posted outside the US in May 2007.

His London location had contributed to his decision to leave, according to the bank. “He decided that he’s spending too much time on a plane, so he’s retiring,” said a spokesperson for the firm in London. He added that Morton’s appointment would see the role of global head of fixed-income move to New York again; a choice Morton made for personal reasons.

An academic specialising in quantitative finance before he joined Lehman, Morton helped produce the 1987 Heath-Jarrow-Morton model for pricing interest rate options in lieu of a market for short-term rates. He became the bank’s head of fixed-income derivatives research in 1993, before rising through its fixed-income derivatives trading operations. He was made co-head of European fixed income in 2004, taking sole responsibility for the business, and became co-chief operating officer of global fixed income in 2007.

Georges Assi and Kieran Higgins replace him as co-heads of fixed income for Europe and the Middle East. They join the Europe and Middle East executive committee.

In addition to their new roles, both will retain their previous responsibilities. Assi will continue as global head of the bank’s collateralised debt obligation and structured credit business, as well as head of credit products for Europe and the Middle East. Higgins also continues to serve as head of interest rate products for Europe and the Middle East.

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