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.

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