Lou Lebedin, a former Bear Stearns Cos. executive who had become JPMorgan Chase & Co. (JPM:US)’s global head of prime brokerage, is being replaced in that role, according to three people familiar with the situation.
Teresa Heitsenrether, 47, based in London, will take over for Lebedin, 54, said two of the people, who declined to be identified because the changes aren’t public. Heitsenrether, who worked at JPMorgan before the New York-based bank bought Bear Stearns, was named co-head of fixed-income prime brokerage in 2008 when Lebedin took charge of the equity side.
JPMorgan, the biggest U.S. bank by assets, had the sixth- biggest prime brokerage, according to a ranking by client assets in Global Custodian magazine’s 2011 survey. The bank expanded its prime brokerage in Europe last year and plans a similar move in Asia this year, Jes Staley, chief executive officer of JPMorgan’s investment bank, said in a February presentation.
Prime brokerages provide financing and administrative services such as lending, clearing trades and record-keeping that help managers run their hedge funds.
The changes are taking place more than two months after Sandie O’Connor was promoted to treasurer. O’Connor previously oversaw prime brokerage, futures and options, over-the-counter derivatives clearing and broker-dealer services. Two of those units, prime brokerage and broker-dealer services, now report to John Horner.
Lebedin was tapped to run JPMorgan’s equity prime brokerage in 2008 when JPMorgan bought Bear Stearns, where he held the same role. In March he was named sole head of global prime brokerage when his co-head, London-based Andrea Angelone, was moved to run the bank’s equity treasury business, the Wall Street Journal reported on March 23.
Jennifer Zuccarelli, a bank spokeswoman, declined to comment, and Lebedin didn’t return a phone message.
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