In an effort to expand its asset management and high-net-worth businesses around the world, Lehman Brothers has established a wealth and asset management group and has appointed Theodore Janulis, a 17-year veteran of Lehman, to head the new division.

Janulis and the wealth and asset management group will be responsible for three major areas of Lehman's business: global asset management initiatives; the firm's private client services business, a 500-broker unit that serves high-net-worth individuals; and Lehman Brothers Bank.

With regard to the global asset initiatives, the new group will be responsible for developing a firm-wide asset management platform that will provide individual and institutional clients access to Lehman's investment advisory services. The group will coordinate Lehman's new asset management initiatives, including Lehman Brothers Alternative Investment Management, a recent joint venture with Ehrenkranz & Ehrenkranz and the firm's investment in Edgeworth Capital.

Janulis previously was responsible for Lehman initiatives involving the firm's mortgage business, securitization activities and client-oriented technology efforts. Most recently, he served as co-head of the firm's fixed income division, with Herbert McDade.

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