Jeff O'Brien, Tracy Buell and Filip Skala joined the transition management unit of Institutional Direct, the agency brokerage unit of Bear Stearns. Mr. O'Brien is managing director responsible for transition sales, and Ms. Buell and Mr. Skala are associate directors responsible for portfolio management of transitions. All are new positions. The three were with Bank of New York. Kevin Heine, Bank of New York spokesman, said all three would be replaced.