Lehman Brothers' UK structured investments and mortgage subsidiaries are teetering on the brink this afternoon, following the group's overnight bankruptcy announcement.
A spokesperson in the UK confirmed the group's British trading arm – Lehman Brothers International (Europe) – was placed in administration, to be “unwound as soon as possible”. Lehman Brothers undertook a major drive in the structured products arena in 2008, launching the latest issue of its Enhanced Return Plan just last month. On Friday, the firm had five products available to investors. However, a spokesperson says the future of its structured investments business is not yet known. The position of Lehman Brothers’ UK mortgage brands, Preferred Mortgages, Southern Pacific Mortgages and...
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