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Derivatives

Lehman Taps Commerzbank Pro For Agency Role

Fran Reed, previously a structured credit salesman at Commerzbank Capital Markets, joined Lehman Brothers last week as agency product head. Reed, who prior to working in structured credit sales, spent 11 years on the agency side of the business including five years as head of the agency desk at Barclays Capital, said the aim of this new role is to connect the dots between Lehman's agency traders, salesmen, issuers and investors. "I'm going to work with the trading desk, talk to the issuer side and work with the sales force to distribute product," he explained.

Reed joined Commerzbank roughly three years ago on the agency side before moving over to sell structured credit products, such as single-tranche collateralized debt obligations and credit-default swaps for the last year and a half. "I'm back to my roots in agency bonds," he added. Michael Staveley, global head of credit product trading and head of the group for Commerzbank, did not return a call.

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