The former managing director of Lehman Brothers' private equity unit has been named president of New York City's Economic Development Corporation.

Robert Leiber, who managed Lehman's $2.8bn (€2.2bn) real estate merchant banking fund, was appointed to the position Tuesday by Mayor Michael Bloomberg. Leiber replaces Andrew Alper, a former chief operating officer of Goldman Sachs who resigned in June after four years as EDC president.