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Derivatives

Morgan Stanley Sales Head Joins Lehman

Robert Fagen, head of U.S. derivatives sales in the institutional equity group at Morgan Stanley in New York, is jumping to Lehman Brothers' derivatives sales team.

Robert Fagen, head of U.S. derivatives sales in the institutional equity group at Morgan Stanley in New York, is jumping to Lehman Brothers' derivatives sales team. Fagen will report to William Levy, a managing director who heads U.S. equity derivatives sales in Lehman's New York office, according to an official. A spokeswoman at Lehman declined comment and an official at Morgan Stanley confirmed Fagen's departure, but declined to explain his reason for leaving.

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