Lehman Brothers has merged its credit derivatives and corporate bond strategy teams and named Ashish Shah as global head of the combined group. Shah previously led credit derivatives and collateralized debt obligations strategy. In the new role, he will also serve as head of investment-grade strategy, said Michael Guarnieri, global head of credit research, in a note to clients. In the first research report put out by the combined group, analysts said the merged research reflects the blurring of lines between cash and derivative customer accounts.
David Heike, former chief of U.S. credit strategy, has moved to a marketing role within the firm, selling CDO and other structured products. Heike had been head of U.S. research since July 2005 and was named top investment-grade strategist last year by Institutional Investor magazine.
Tasha Pelio, spokeswoman at Lehman, said there will not be a replacement for Heike.
