
Ex-quant replaces Nagioff as Lehman fixed-income chief
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.
See also: New London-based global head of fixed-income for Lehman
Subprime losses hit Q4 results
Risk Books - The New Interest Rate Models
Risk Books - Derivatives Pricing: The Classic Collection
Lehman names commodities head
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