Bear Stearns is continuing the expansion of its investment banking business with the recruitment of Schroder's Ilan Kaufthal. He joins as vice-chairman of investment banking, based in New York, after having been head of mergers and acquisitions for Schroder's US business and a member of the bank's executive committee.

The move follows soon after the recruitment of Michael Phair, formerly head of telecoms and media at Dresdner Kleinwort Benson in London, along with 10 other bankers. Bear Stearns's investment banking division is co-headed by David Glaser and Jeffrey Urwin.