Working closely with Brad Levitt, head of capital markets, and Mike Bass, head of rates and foreign exchange, Feder will also oversee regional markets and has responsibility for managing the bankÆs consolidated balance sheet, though day-to-day management of both functions will still be handled by Pam Walkden. Bass, Levitt and Walkden will all report to Feder.
ôWe wanted to create a position from which we could focus on our entire financial markets offering and now we can better deliver a more integrated platform to clients,ö says Mike Rees, head of wholesale banking. ôIncreasingly our clients are doing business transactions that demand a seamless delivery of capital raising, loan syndication and asset securitisation services, with rates and foreign exchange and derivatives risk management. It makes sense to allow Brad, Mike and Pam to continue to focus on their respective businesses, while having Lenny provide strategic coordination and service delivery oversight to our infrastructure.ö
Feder worked at Bear Stearns for 11 years and headed the bankÆs Tokyo office between 2002 and 2006. During that time he also headed the Asian fixed-income and derivatives group.
Feder transferred to New York last autumn to become global head of structured equity trading but in March this year he was promoted to co-head Bear StearnsÆ prime brokerage business, alongside Louis Lebedin. That move came after a reorganisation aimed at maintaining the bankÆs share of hedge fund business û it is the top US prime broker according to Lipper HedgeWorld û after a series of market abuse scandals.
Earlier this year a judge ordered Bear Stearns to pay almost $160 million to investors in Manhattan Investment Fund, which collapsed in 2000, after turning a blind eye to the fundÆs sharp practices. FederÆs predecessor, Jeffrey Dorman, left for Deutsche Bank at about the same time, after four months in the job.