Lehman Brothers, which is expanding its real estate investment business, hired eight bankers away from LaSalle Investment Management.
Robert G. Ashmun and Mark S. Chalfin joined Lehman Monday as vice presidents in charge of real estate financing, sales and joint venture financing domestically and internationally, respectively; Jason Ourman and Lonnie Vidaurri were hired as associates; and Aaron Welsh joined as an analyst. Two months ago, Douglas Hercher, Michael Zietsman and David Brown became managing directors at Lehman.
Art Adler, former managing director at Sonnenblick Goldman International Hotel Group, replaced Mr. Hercher, LaSalle spokeswoman Lisa Wilcox said. The other positions have not been filled; existing members of the investment banking team have taken over the responsibilities of the other departing bankers, Ms. Wilcox said.
Industry sources observed that all the defections were from Jones Lang Wooten, which merged with LaSalle Partners last year.
The investment bankers from Jones were more interested in flipping transactions and making money faster than the LaSalle bankers who are more relationship driven, said a source familiar with the matter. The bankers believe they will have a better chance to make more money at Lehman than at LaSalle, according to the source.