Lehman appoints first head based in London

New York-based Lehman Brothers has appointed Roger Nagioff as global head of fixed income, based in London, according to published reports. Business heads for the firm have traditionally been in New York; Mr. Nagioff will be the first global division head based outside the United States. "Roger's appointment underscores the truly global nature of our business," said Dick Fuld, Lehman's chief executive, according to reports. Nagioff was previously chief operating officer for Europe. Benoit Savoret, head of European equities, will succeed him in that post. Nagioff replaces Michael Gelband, who left to pursue other interests, Lehman said in a statement, say reports.