Robert Chambers, a former high-yield energy analyst in the Houston office of Lehman Brothers, and number two in his sector on the Institutional Investor 2001 All-America Fixed-Income Research Team, has left the research group to start a hedge fund at the firm. Energy analysts at other firms say he had wanted to start a hedge fund for some time, and offered Lehman the option of having him start the fund internally or on his own. Chambers referred further questions to Bill Ahearn, a firm spokesman. Ahearn did not respond to questions by press time last Thursday.
Mike Guarnieri, Lehman's head of high-yield research, says he is actively looking to find a new energy analyst, as the sector is one of the most critical areas for the firm's investment banking business.