Andrew Lake was hired as director, high yield, at F&C Asset Management, according to spokesman Jason Hollands. Mr. Lake is expected to join F&C this summer, although no date has been set. He will report to Kevin Mathews, director and head of high yield; the two will co-manage high-yield bond funds including the F&C European High Yield Fund. Mr. Lake replaces Roman Gaiser, who left last summer; Mr. Hollands had no information about Mr. Gaiser. Mr. Lake was director, global high yield, with Merrill Lynch Investment Managers. He co-managed the Global High Yield fund with Greg Spencer, who is now sole manager of the fund, according to a Merrill Lynch spokeswoman who did not wish to be identified.