Brian Walter, a high-yield trader, has left Lehman Brothers to join UBS Warburg's high-yield desk, reporting to Rob Heffes, himself a Lehman alum. Heffes says he hired Walter because he proved his skill during their earlier association at Lehman, as well as to fill a void created when Rich Sullivan went to J.P. Morgan Securities earlier this year. Heffes says he may consider further hires to meet his desk's increased demand as the high-yield market grows.
Lehman has not yet replaced Walter, and is still deciding whether to do so, according to Tim Hartzell, co-head of the high yield department. He says the firm had been planning to move high-yield trader Eric Rosenberg from London to New York to increase its trading team from three to four in order to meet increasing customer demand for direct contact with traders. Rosenberg is still slated to make that move, and Lehman has hired Brad Wendler, who Hartzell says was a Donaldson, Lufkin & Jenrette alum let go as a result of the merger with Credit Suisse First Boston, to go to London shortly to fill Rosenberg's spot. Wendler did not return calls. Both Wendler and Rosenberg report to John Ingallinera, head of high-yield trading. Wendler will also report to London high-yield trading head Julian Entwisle.