Ralph Stellmacher was hired as a managing director and director of high-yield fixed income for Bear Stearns Asset Management. Mr. Stellmacher will head a team managing high-yield securities for institutional and individual investors. Bear Stearns did not return calls by press time regarding who Mr. Stellmacher was replacing. He previously was senior vice president and portfolio manager for OppenheimerFunds. His duties have been assumed by the teams other managers, David Negri and Tom Reedy.