Robert A. Baer has left Bear, Stearns & Co., where he was co- head of the financial institutions group.

A spokeswoman said Mr. Baer resigned this month to "pursue other opportunities." He could not be reached. Senior managing director Fred Khedouri, who co-headed the group with Mr. Baer, has assumed his responsibilities.

Mr. Baer joined Bear Stearns in 1992 from Merrill Lynch & Co., where he had been managing director in the financial institutions group. From 1981 to 1983 he was vice president at Warburg Paribas Becker, and from 1979 to 1981 he worked at Dean Witter Reynolds Inc. From 1975 to 1979 he was comptroller of the currency.

Although Bear Stearns advises many specialty finance companies, it has been largely absent in recent years from advising on bank mergers. The firm did not rank among the top 50 advisers in 1996 or in the first half of this year, according to Sheshunoff Information Services Inc.

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