UK – Lehman Brothers has hired Alan Rubenstein, head of Morgan Stanley’s European pensions group, to launch a new pensions group.

The investment bank named Rubenstein as managing director and European head of the Pensions Advisory Group.

It said: “Mr Rubenstein will be responsible for consolidating the Lehman Brothers’ existing pension expertise into one group and further growing the platform in Europe.”

Rubenstein was in his role at Morgan Stanley for eight years. The firm has been involved in some high profile pensions transactions recently, such as the Sainsbury’s property for pensions deal announced today.

Rubenstein will report to Philip Lynch, Lehman’s head of global finance for Europe and Philippe Dufournier, head of structured solutions in Europe. Currently, the firm’s pension advisory work is conducted by individuals across investment banking, equities and fixed income.

In March last year Morgan Stanley lost Gareth Derbyshire, number two at the pensions group, to rival Merrill Lynch.

Rubenstein qualified as an actuary with Scottish Widows, and worked for BZW Asset Management and at Lucas Varity Fund Management as chief executive.

He is a former chairman of the Investment Council of the National Association of Pension Funds.

Morgan Stanley last week appointed Andrew Drake, a principal of consulting firm PSolve, as head of UK pensions.

"Andrew is a well known and respected figure on the UK pensions scene," said executive director Erik Portanger. "He will play a pivotal role in further building on Morgan Stanley's position as the leading pensions adviser to UK corporates."