Trading Up

Lehman Brothers hired Herbert McDade III as global head of equities. He succeeds Robert Shafir, who is taking a leave of absence, the company says. McDade joined Lehman Brothers in 1983 and has held several senior positions within the organization, most recently as global head of the fixed-income division. Michael Gelband, currently head of fixed income liquid markets, will assume responsibility for fixed income.

Scott DeSano, Fidelity Management & Research Company's head of global equity trading desk, was moved to the firm's Strategic New Business Development Group as a senior vice president, according to a company release. Walter Donovan, who currently oversees the fixed-income and high-income divisions and global equity trading, will oversee equity trading on a day-to-day basis until a replacement for DeSano is named.

Instinet Group named Michael Bundy as its new chief technology officer. Bundy previously worked at E*Trade Financial as a senior manager, overseeing the development and maintenance of trading systems used by E*Trade Securities, E*Trade Capital and E*Trade Canada. Most recently, he supervised E*Trade Professional trading, market data and middle-office technologies. Bundy succeeds Andrew Banhidi, who left the company.