Lim bows out as Merrill EMEA fixed-income head

Merrill Lynch’s European, Middle East and Africa (EMEA) fixed-income head TJ Lim has resigned, a move some observers believe is the result of his being passed over for promotion when the US investment bank reshuffled its debt division late last year.

Harry Lengsfield, chief operating officer of Merrill’s global debt markets, will assume Lim’s position. Lengsfield has worked for the firm for the past 16 years, and his current duties also include heading global principal investments, e-commerce initiatives, debt market analytics and Canadian debt markets.

“TJ built a solid European debt business and developed a truly top-notch team of professionals,” said Merrill Lynch global head of debt markets Dow Kim, in an internal memo obtained by RiskNews. In another memo, Lim told colleagues he wanted some time out to pursue other personal and professional ventures as the reason behind his resignation.

Lim has spent two spells at Merrill Lynch. He worked for the firm in the 1990s before moving to UBS and then Dresdner Kleinwort Benson. When he rejoined Merrill two years ago, he brought with him a number of debt and FX specialists, including George Handjinicolaou, who quit the firm earlier this year. Lim said he planned to work through to July to ensure a smooth management transition.

Kim said Merrill Lynch is now seeking a successor to head the global principal investments group, Canadian debt and e-commerce initiatives, currently overseen by Lengsfield.