Bankers Trust New York Corp. said Monday it will consolidate its two investment and funds management groups into a new unit dubbed Global Investment Management.
The nation's seventh-largest bank company also confirmed the planned retirement of Edward A. Lesser, a 59-year-old vice chairman whose plans were revealed in the American Banker on Monday.
Mr. Lesser, whose are of oversight included one of the investment management areas, will retire at yearend. Bankers Trust did not name a successor.
Mr. Lesser, who joined the New York company almost 40 years ago, runs Global Assets, Bankers Trust's processing, private banking, and investment management division.
Under the reorganization, Global Assets will gain control of the "funds management" activities of the bank's trading division, which include the management of foreign exchange and derivative funds.
The combined investment management unit will be overseen by Ivan Wheen, a managing director who is now in charge of Bankers Trust's London-based European trading operations. Mr. Wheen, a native of Australia, also helped develop the funds management business.
Judah S. Kraushaar, an analyst at Merrill Lynch & Co., estimated that the foreign exchange component of the group brought in $30 million to $40 million in each quarter last year.
A Dip in Revenues
It revenues, which are closely linked to foreign exchange trading performance, fell in the first quarter of this year but are expected to revive, Mr. Kraushaar said.
Mr. Wheen will report jointly to Mr. Lesser and R. Kelly Doherty, a managing director and head of the Global Trading group.
H. Kent Atkins, the managing director in charge of Global Assets' investment management group, will report to Mr. Wheen.