Lehman Brothers has hired a senior vice-president for its capital introductions team as part of an expansion of its prime brokerage division, as banks add services for hedge funds to compete more effectively with rivals.

Greg Barrett, who commenced his new role earlier this week, works alongside Laura Mariana, head of the investor specialist team, and Bill Bassin, who specializes in working with budding hedge fund managers. Barrett will report to Tom Goss, who was promoted last month to head of capital introductions.