Furman Selz Holdings got approval from the New York State Banking Department last week for a limited purpose trust company to engage primarily in securities lending and custody for institutions.

The New York-based investment bank and prime brokerage had already recruited a former Lehman Brothers executive, Andrew Pettit, to run the trust company. He is joined at Furman Selz by two other former Lehman colleagues, co-manager John Williamson and associate director Tim Donovan.

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