Lehman Plugs Into Growing Energy Sector Demand
Lehman Brothers becomes the ninth bank in the last three months to recruit an energy specialist aiming to tap into soaring demand for the sector's assets.
Lehman Brothers has brought in Edward Morse to work with the fixed income energy business as a managing director and chief energy economist. It is a newly created position to support Lehman's expanding energy business from the research side.
Morse spent the last seven years giving strategic advice on the oil and gas sector at Hess Energy Trading, a proprietary-trading firm, where he was an executive advisor.
Prior to his appointment at Hess, Morse taught at Princeton University's Woodrow Wilson School of Public and International Affairs.
Morse was Deputy Assistant Secretary of State for international energy policy from 1978 to 1981.
He will be based in New York, and report to Paul Sheard, managing director and head of global economics research.
Sheard said: "Ed's extensive knowledge and expertise in the energy sector adds tremendous value" and complements "the firm's energy franchise."
Over the past three months eight banks have made energy-related hires. They include Banc of America Securities, Citigroup, Morgan Stanley, JPMorgan, Bear Stearns, Citigroup, Deutsche Bank and Banc of America Securities. Private equity company First Reserve, which recently announced a record $8 billion energy fund, has also been recruiting in the sector.