- GM to Start Repaying US Government Loan
- Lowe's Meets Third-Quarter Profit Expectations
- Cisco Ups Tandberg Bid, Claims Over 40% Backing
- 'Significant Weakness' Still Ahead: Fed's Hoenig
- BlackRock: Central Banks To Be Net Buyers of Gold
- Stronger Yuan Needed for Global Rebalancing: IMF Chief
- Washington Not Trying to Contain China: Obama
- Japan Third Quarter GDP Jumps; 2010 Growth May Slow
- How Much Do You Know About Green?
- Warren Buffett to CNBC: 'I Haven't Bought American Express In Years'
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- U.S. Stocks Rally for the Second Straight Week
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
MOST SHARED
- U.S. May Wind Up Green With Envy
- Warren Buffett to CNBC: 'I Haven't Bought American Express In Years'
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- Taking a Page from Obama's Asia Agenda in Investing
- EADS Cautious on Full-Year Forecast after Earnings Dip
- Stronger Yuan Needed for Global Rebalancing: IMF Chief
- BlackRock: Central Banks To Be Net Buyers of Gold
- Washington Not Trying to Contain China: Obama
- Thai Economy to Grow up to 3.5% in 2010: Prime Minister
Text Size 
Bear Stearns demoted the head of its asset-management unit and brought in a former Lehman Brothers executive to "restore investor confidence," after two of the unit's hedge funds nearly collapsed last week.
The news was broken by CNBC's David Faber and later confirmed by Bear Stearns[BSC
Loading...
()
].
Jeff Lane, a long-time money manager and vice chairman of Lehman, will be taking over the money management business at Bear Stearns. Lane replaces Richard Marin, who will stay with the unit as a senior adviser to Lane.
“That business has been under great pressure as the result of the near failure of two large hedge funds at Bear Stearns,” Faber said.
"Our focus is on restoring investor confidence in BSAM, serving our clients with excellence and assuring them of our commitment to provide them with the highest quality asset management products and services," said Bear Stearns CEO James Cayne in a statement.
Earlier this week, Bear said it would spend $1.6 billion to bail out a hedge fund heavily invested in risky securities backed by mortgage loans. A larger fund also teetered on the brink of collapse before Bear won a reprieve from lenders clamoring for more collateral.
Lane, 65 years old, once ran money manager Neuberger Berman before it was sold to Lehman Brothers [LEH
Loading...
()
] in 2003.
Print
Email
- Where, what, how.
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
Data is a real-time snapshot *Data is delayed at least 15 minutes