Lehman Brothers has promoted Hyung Soon Lee as head of fixed income Asia following the relocation of the current head, Tarun Jotwani to London.

Lee joined Lehman Brothers nearly a decade ago and has been running the firm's high yield franchise in Tokyo since 1997. He is said to have played a leading role structuring the firm's recently announced joint venture with the Woori Financial Group in Korea and has experience in both liquid and illiquid markets as well as experience in trading and risk management of local markets.

Jotwani, meanwhile, is to take up a newly created role of head of international credit capital markets in Europe and Asia, assuming responsibility for all staff and product lines in the high yield and high grade credit businesses. He has been based in Tokyo since 1995 and head of fixed income Asia for three years.