Lehman Buys Brazil Advisory Team

Lehman Brothers has hired Rio Bravo's Brazil advisory team to continue its expansion into the biggest South American economy. Winston Fritsch, formerly the head of Rio Bravo’s corporate origination and corporate finance team, has been appointed md and head of Lehman Brothers Investment Banking, Brazil. Eduardo Langoni and Peter Tilley also joined Lehman as senior vice presidents, reporting to Fritsch. "We looked at a variety of options, from recruiting specific individuals or hiring full teams from competing firms, to buying local advisory boutiques," Udi Margulies, head of LatAm M&A for Lehman tells LatinFinance. Fritsch has been at Rio Bravo since 2003. Previously, he set up Kleinwort Benson’s Brazilian operations as a partner of Kleinwort Benson in 1995, and was president of Dresdner Bank Brazil and Dresdner Kleinwort Brazil from 1996 to 2003. Fritsch was secretary for economic policy at Brazil's finance ministry from 1993 to 1994. Langoni and Tilley were also previously in Dresdner’s Brazil M&A group. The hires come at a time when salaries in dollar terms, especially in equities, are quickly exceeding those of established centers like New York. "It's a very tight market with limited top talent, and several of our competitors and buyside firms are looking to recruit from the same pool," says Margulies. The Rio Bravo deal has been in the works since February.