UK - Capital International's Olaf John has joined Lehman Brothers Asset Management as its new head of distribution for Germany and Austria.

The firm confirmed that John started on November 13 from Capital.

In 2004 John left US fund giant's Fidelity Investments' Frankfurt office, where he was head of the institutional business since 2001, to become Capital's marketing director.

Before joining Fidelity, John was the London-based director of European institutional business at Barclays Global Investors (BGI) since 1999.

Meanwhile Fitch Ratings has issued a report on Capital International, saying it maintains strong core capabilities despite under performance in equity portfolios and the departure of one of its global equity portfolio managers.

Fitch affirmed its ‘AM1' rating on the asset manager, saying: "The rating reflects Capital International's solid track record in managing institutional mandates and the stability of the organisation.

"It also reflects the consistency of its long-term investment strategy owing to a disciplined multi-manager approach (which uses a Multiple Portfolio Manager System or "MPMS" model) and the excellent quality of its research and the strength of its financial and operational risk controls."