head of corporate strategy, Steven Begleiter, will take on the added responsibility for the struggling firm's asset management unit,
Bear Stearns Asset Management formerly reported into Co-Chief Operating Officer and President Warren Spector. He was forced to resign this past weekend after a series of hedge-fund missteps. A pair of highly leveraged funds faltered earlier this summer, and a third has clamped down on redemptions amid troubles in esoteric subprime securities.
Jeff Lane -- the CEO of asset management who was brought in to clean up the hedge fund mess -- will report to Begleiter, a spokeswoman at Bear confirmed. Lane replaced Richard Marin, who has stayed on at Bear in an advisory capacity.
Bear had also moved its head of mortgages, Thomas Marano, over to assist with asset management, but that personnel shift was only intended to be temporary.
The unexpected resignation of lifetime Bear employee Spector had immediately led to titular internal shifting. That included Bear naming Alan Schwartz sole president of the bank. CFO Sam Molinaro was given the added duty of chief operating officer, while executive Jeffrey Mayer, co-head of fixed income, replaced Spector on Bear's executive committee.
Bear stock, which has lost a third of its value off its early year highs, was down $4.51 Thursday to $116.55.