UK - Investment bank Lehman Brothers has confirmed it has hired Gareth Derbyshire from Merrill Lynch in a senior pensions role.

He'll work alongside his former Morgan Stanley boss Alan Rubenstein at the firm, a spokesperson said. It hired Rubenstein in February this year to set up a new pensions group.

"Derbyshire will join the team from September," said a Lehman spokesman.

Derbyshire joined Merrill last year after seven years at Morgan Stanley, where he was an executive director.

The move comes amid reports that Morgan Stanley is in talks to hire a new head for its European pension advisory business, reports have said.

Media reports have named PricewaterhouseCoopers' human resources partner Neville McKay as the candidate. IPE was unable to reach McKay, who is away on holiday. PWC declined to comment.

At Morgan Stanley, Jakob Horder, managing director and head of financial institutions and global capital markets, took over Rubenstein's responsibilities. Andrew Drake is in charge of UK pensions.

Morgan Stanley declined comment, Rubenstein himself was unavailable for comment today.

In March this year it emerged that Dawid Konotey-Ahulu, head of Merrill Lynch's European pensions and insurance group, was to set up his own firm.

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