Lehman Brothers on Wednesday said Roger Nagioff would become global head of fixed income and be based in London, dramatically underscoring the New York-based bank’s commitment to growing in the UK, Europe and Asia.

Mr Nagioff, currently chief operating officer in Europe, will be the first Lehman Brothers executive to serve as sole global head of the one of the bank’s operating divisions from outside the US. Fixed income remains Lehman’s dominant business even though the bank has expanded its equities, deal advisory, asset management and other units in recent years.