Lehman Brothers has made a number of personnel changes to its high-yield research and trading groups.
Bob Berzins has moved from his position as a media analyst to a new position as portfolio manager in the firm's syndicated lending group. Mike Guarnieri, head of high-yield research, says Berzins made the move because the firm's syndicated lending business is increasing. Andrew Finkelstein, an analyst who had reported to Berzins, will fill one of what will become two media research roles, and Guarnieri has not yet decided how to fill the other position. Fred Orlan has been promoted from a senior trading position on the desk to fill the head spot. Tim Hartzell, the most recent head, was demoted several months ago, according to Lehman officials. Hartzell did not return calls.
Alex Kirk, who took over as head of high-yield several weeks ago, was out of the country and did not return a call seeking comment. A senior high-yield official at Lehman says the moves were made for individual reasons and are not part of a wholesale restructuring of the unit.
David Wells, who was a wireless telecom analyst, has left the firm and will not be replaced, according to a person with knowledge of the situation. Wells declined to comment, but a person close to him says he will soon accept a position on the buy-side. Guarnieri declined comment on Wells.