Cargill Investor Services (CIS) has recruited Les Allan, formerly md of equity hedge fund sales for Lehman Brothers International, in a move that will expand CIS' asset class capability beyond its existing futures, options and foreign exchange services. CIS president James Davison said institutional and hedge fund clients were increasingly demanding multi-asset class product coverage from suppliers. "The recruitment of a specialist of Les's status is the best possible demonstration to the market of how serious we are about offering this type of service," he said. CIS will reveal more about formal roles in coming weeks but said that Allan and several colleagues he is bringing with him will start to operate from CIS offices in London, New York, and Singapore in June.
Bear Stearns last week declined to comment on reports in the Chicago press that the investment bank would be pulling its team of clerks and brokers from...