is expected to make a push into the asset management business for affluent investors. The New York City-based recently hired Bradley C. Tank
as managing director in its wealth and asset management group as part of the effort. Last month, Lehman also purchased the Lincoln Capital Management's
fixed income investment management unit to be folded into that group.
Tank built his reputation as the chief investment officer for Strong's fixed income products. He was also a portfolio manager for some of Strong's fixed income funds and ultimately became a member of the office of the chairman at Strong. He was let go from the firm last summer after Strong's fixed income funds suffered through a spell of subpar performance.
Tank will reportedly oversee Lehman's development of the asset management division being built around Lincoln Capital. The firm did not release details of Tank's specific duties.
Lehman did not disclose terms of its acquisition of Lincoln Capital's fixed income group, but it did confirm that Lehman would retain the group's professional staff and leave the unit in Chicago.
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