Hughes Takes Over Lehman's Loan Syndication Group
William Hughes, managing director, will head U.S. loan syndication at Lehman Brothers following the resignation of Steve Sterling.
William Hughes, managing director, will head U.S. loan syndication at Lehman Brothers following the resignation of Steve Sterling. Hughes, who joined Lehman in 2003 from Deutsche Bank, will report to Robert Hedlund, who is head of high-yield bond and loan capital markets. James Seary, managing director, who was in the distressed group, is now in charge of loan sales and trading.
In London, Mark Lies has also retired as the head of European leveraged finance. He had been in London since last spring. Neither Lies nor Sterling could be reached, but there was speculation the pair may move to the buyside. A replacement for Lies has not been named.
Philip Lynch, head of equity capital markets, will be taking over as head of European Global Finance, a newly created role. Eamonn Price and Jason Tilroe will be the co-heads of an enlarged European debt capital markets area.
According to Lehman's annual report, 2004 set a record for debt underwriting revenues, rising 2% from 2003. Improved leveraged finance revenues in 2004 essentially offset a decline in high-grade revenues.