Lehman Brothers Holdings Inc. said Friday that Steven J. Berger, head of merchant banking, has left the firm after a 15-year career that included positions as head of European investment banking and co-head of global investment banking.
Mr. Berger, 41, said he expected to remain in investment banking, but did not disclose specific plans.
Alan H. Washkowitz, who was previously responsible for administrative management of global merchant banking activities, succeeded Mr. Berger as head of the merchant banking group.
Mr. Washkowitz, 57, adds the new duties to his current responsibilities as senior fund manager for investments made through Lehman's two merchant banking funds.
Lehman closed a new $2 billion fund, Lehman Brothers Merchant Banking Partners II, last September.
The firm's first fund, the $1.3 billion Lehman Brothers Merchant Banking Portfolio Partnership, was closed in 1989.