Bear Stearns replaced its departed co-head of prime brokerage with a veteran of the bank who has considerable experience in Asia, a region where Bear has ambitions to grow its business.

Bear Stearns promoted Leonard Feder to co-head prime brokerage. Feder, a senior managing director, has headed structured trading for the global equities division at Bear Stearns since the fall of 2006. Before that, he worked in the bank's Tokyo office as head of fixed income and derivatives for Asia. Feder was based in Japan for four years between 2002 and 2006.