Lehman Brothers has recruited Drew Nugent from Fitch as an associate banker in its asset-backed securities financial group, according to Nelson Suarez, managing director, who heads Lehman's ABS banking division. Nugent, who will directly report to Suarez, was unavailable for comment.
Prior to this move, Nugent was a director in the structured finance section in Fitch's asset-backed securities group where he reported to Wendy Cohn, the group's senior director. He specialized in aircraft deals and other lease equipment-backed transactions. Suarez says Nugent will continue to work in transactions involving equipment leases or aircraft, as well as other asset classes. He adds that the position was not newly created, but would not specify who Nugent replaced.
At Fitch, a senior director indicated that the assignment formerly held by Nugent has temporarily been transferred to senior director Don Powell, who is already in charge of Enhanced Equipment Trust Certificates.