Scudder Kemper Investments Inc. of New York has hired a managing director to head its European institutional business.

Stephen Cohen, 43, joined Scudder Kemper's London office Monday. He succeeds Nicholas Bratt, co-head of global equities, who had held the position on an interim basis since the departure of Dennis H. Ferro in July. Mr. Ferro left to join First Union Corp.'s capital management group as chief investment officer.

Since 1998 Mr. Cohen had headed European institutional marketing and business development at Dresdner RCM Global Investors in London. Earlier he held various positions at Mercury Asset Management, which is now a unit of New York-based Merrill Lynch & Co.

Scudder Kemper manages more than $290 billion of assets globally.

- Cheryl Winokur

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