Mumbai: Lehman Brothers Holdings Inc., the fourth-largest US securities firm by market value, said it has hired Pankaj Vaish as managing director and head of equities and fixed-income markets in India, the world’s fastest-growing major economy after China.
Vaish joins Lehman from Citigroup Inc. in New York, where he was managing director responsible for proprietary trading of global equity markets, according to a statement emailed from Mumbai. Vaish will be based in Mumbai and report to Tarun Jotwani, chief executive officer for Lehman in India, and Hyung Lee, head of equities and fixed income, Asia, it said. “India is a market with great potential in the capital markets,” the statement cited Jotwani as saying.
Vaish’s expertise in financial products “will be an invaluable asset as the firm grows in equities, rates and commodities, among other liquid market products,” he said.
Global banks such as Goldman Sachs Group Inc., Morgan Stanley and Credit Suisse Group are expanding in India as the $854 billion (Rs35.87 lakh crore) economy expands for by 8% for a fourth straight year, increasing opportunities as companies sell more shares and bonds, acquire rivals and expand locally and overseas.
Jotwani, who was the co-head of european fixed income, was appointed to head Lehman’s investment banking business in July.