Lehman Brothers has hired Jason Schechter, an executive director in securitized products at Morgan Stanley in New York, as a senior v.p. in secondary CDO trading. Jim Ballentine, global head of structured credit at Lehman in New York, said Schechter's responsibilities will include trading and structuring derivatives on secondary CDOs.
Schechter, who reports to Ballentine, could not be reached. An official said Ballentine is filling a new seat created because of the firm's growing secondary CDO trading activity.
Mark Lake, spokesman at Morgan Stanley in New York, declined comment on whether he will be replaced.
