Bear Stearns has announced three new hires as part of the expansion of its global prime brokerage franchise. Douglas Stern, an industry veteran who becomes a senior managing director, will help manage the prime brokerage sales team focused on the firm's largest hedge fund relationships, while managing director Joseph Aurilio and associate director Ted Post will focus on new business development.

'Bear Stearns Prime Brokerage Services offers clients the best products and service by top professionals in the business,' says head of prime brokerage services Louis Lebedin. 'These additions to our staff will add terrific value to our franchise and will help us to provide clients with more world-class products and capabilities.'

Stern, who has 23 years experience in institutional sales and prime brokerage services, joins from Morgan Stanley's prime brokerage unit, where for seven years he was responsible for managing relationships and developing business with some of the firm's largest clients. He also managed a team responsible for newly-launched hedge funds.

Aurilio joins from UBS where he was a technology and electronic trading specialist, working with prospects and existing clients, while Post joins from Banc of America Securities, where he was responsible for selling prime brokerage and equity derivative products to hedge funds and financial institutions.

The new hires in New York follow three appointments in the UK that seek to build on the firm's existing European prime brokerage business. Paul Brannan has become head of prime brokerage for Europe, James Shekerdemian head of prime brokerage sales for Europe and Andrew Jamieson head of equity finance for Europe.