Gerald Rosenfeld, head of investment banking at Lazard Freres & Co., is leaving the company to lead NationsBanc Montgomery Securities' first foray into private equity.

Mr. Rosenfeld will run a new fund for Montgomery, in which NationsBank Corp., Charlotte, N.C., will be the sole investor. The fund will have $600 million in capital and focus on investing in high-tech, health care, and financial services companies as well as other firms Montgomery specializes in developing.

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