BSAM Changes Leadership Of Asset Management Unit

Jul 1 2007 | 7:36pm ET

Following the near-collapse of two of its hedge funds, Bear Stearns is bent on “restoring investor confidence” and demonstrated its fervor by appointing Jeffrey Lane as chairman and chief executive officer of Bear Stearns Asset Management. Lane replaces Richard Marin, who will remain with BSAM as a senior advisor to Lane.

Before joining BSAM, Lane served as a vice chairman of Lehman Brothers and chairman of Neuberger Berman Inc.

"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,” James Cayne, Bear Stearn’s chairman and chief executive officer, said.

The firm did not return messages seeking additional comment on the new appointment.

Bear has said that it will only try to resuscitate its High-Grade Structured Credit Fund to the tune of approximately $1.6 billion and is continuing “to work with the creditors and counterparties of the High-Grade Structured Credit Enhanced Leverage Fund to facilitate an orderly de-leveraging of the fund in the marketplace. Remaining outstanding repo balances in this fund are approximately $1.2 billion. Bear Stearns is not providing any financing to this fund.”

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