People News - Brevan Howard, Citi, Deutsche, RBC, BofA, UBS

Vinay Pande, chief investment adviser at Deutsche Bank, is set to join Brevan Howard Asset Management, the hedge fund co-founded by Alan Howard.

Pande, 55, will start Oct. 1 as head of a team including Gerald Lucas and two other researchers, he said today in a telephone interview. The group will be managing money for Brevan Howard U.S. Investment Management LP, which was set up in June, Pande said.

Citigroup has boosted the size of its European distressed-debt sourcing unit as crisis-hit lenders seek to cut their balance sheets.

Citigroup now has six people working on finding troubled assets from other banks in Europe, including two people dedicated exclusively to this task, according to Simon Boughey, a London-based spokesman for the bank. The unit had one person a month ago, he said.

Hal Lehr, a managing director and global head for cross-commodity trading at Deutsche Bank, resigned to form a hedge fund in New York with three of his former associates.

Lehr, who previously worked at Soros Fund Management LLC, left the Frankfurt-based bank last month with three “core investor professionals,” he said by telephone from New York yesterday. He declined to provide further details on the fund.

Former Royal Bank of Canada and Bank of America proprietary traders plan to start a mortgage-focused structured-credit hedge fund at New York-based TIG Advisors LLC after leaving Tandem Global Management.

Stuart Lippman, 40, formerly a managing director and senior portfolio manager in the non-agency mortgage credit business of Royal Bank of Canada’s proprietary-trading group, and David Liu, 43, who managed portfolios in the global proprietary-trading group at Bank of America, left Tandem in July, where they had sought to start a mortgage fund, Lippman said in a telephone interview. He declined to comment on the reason for the departure.

Jason Schechter, global head of collateralized loan obligation trading at UBS in New York, has left the bank.

Schechter joined UBS last year from Barclays Plc where he was a managing director and structured-credit trader, according to data compiled by Bloomberg. Karina Byrne, a UBS spokeswoman, confirmed the departure and declined to comment further. Schechter declined to comment.

Finally UBS has hired Jasper Tans as a managing director for its equity capital markets team in London starting Oct. 1, according to an internal memo obtained by Bloomberg News.

Tans will report to Darrell Uden and Chicco di Stasi, the co-heads of ECM in Europe, the Middle East and Africa. He will be responsible for Scandinavia, Benelux and financial institutions clients, as well as providing specialist coverage, according to the memo.

Brevan Howard Hires Deutsche Bank’s Pande for New U.S. Group

Citigroup Boosts European Distressed Debt-Sourcing Unit

Deutsche Bank’s Lehr Quits for Hedge Fund With Associates

Ex-RBC, BofA Traders Leave Tandem to Start Fund at TIG

UBS Global Head of CLO Trading Jason Schechter Leaves Bank

UBS Hires Goldman Partner Jasper Tans for Europe ECM Team