Lehman Brothers has hired Jason Schechter, who was an executive director in securitized products at Morgan Stanley in New York, as a senior v.p. in secondary CDO trading. Jim Ballentine, global head of structured credit at Lehman in New York, says Schechter's responsibilities will include trading and structuring derivatives on secondary CDOs.
Schechter, who reports to Ballentine, could not be reached. An official says Ballentine is filling a new seat created because of the firm's growing secondary CDO trading activity.
Mark Lake, a spokesman at Morgan Stanley in New York, declined to comment on whether he will be replaced.