Lehman Brothers boosts India franchise with Citi hire

Pankaj Vaish will head the bankÆs equities and fixed-income liquid markets team in India.
Lehman Brothers has appointed Pankaj Vaish managing director and head of equities and fixed-income liquid markets in India. He joins the bank from Citi in New York, where he has been a managing director responsible for proprietary trading of global equity markets, both on the cash and derivatives side, since 2005.

Vaish, who joined Lehman Brothers in mid-April, will be based in Mumbai and will report to Tarun Jotwani, chairman and chief executive officer in India, and Hyung Lee, the bankÆs head of equities and fixed-income in Asia. He brings with him over 16 years of capital markets experience.

ôCurrently, India is a market with great potential in the capital markets. (VaishÆs) leadership and expertise in financial products will be an invaluable asset as the firm grows in equities, rates and commodities, among other liquid markets products,ö says Jotwani. ôHis appointment highlights Lehman BrothersÆ commitment to expanding our businesses in India.ö

Vaish has experience across product lines and has been dealing extensively with equity and derivatives trading as well as structuring and trading of structured products.

His most recent stint at Citi was the second time Vaish worked at the US investment bank. From 1990 to 1998 he held various senior management positions at Citi within equity derivatives trading, global commodity derivatives and fixed-income derivatives trading focusing on North America.

In 1998 he moved to the buy-side to become a partner at Vega Asset Management and between 2000 and 2005, he was the president of his own macro hedge fund named PV Capital Management û jobs which have given him a deep knowledge of the workings of hedge funds.

Jotwani, a former European co-head of fixed income, was appointed to his current role as chairman and CEO of Lehman Brothers India last year. The bank said at the time that the move reflected its belief in India's growing importance as a centre for investment banking and capital markets business and its vast potential in the coming years. Lehman Brothers also pledged to establish a major presence in India.

The US investment bank opened its Mumbai office in 2005 and since then its Indian operations have been growing rapidly with a focus on developing infrastructure and research to support its worldwide operations in investment banking, capital markets, finance and risk management. The bank currently employs about 1,000 staff in India.
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