Philip Lynch is Lehman's CEO for Mena - Emirates24|7

Philip Lynch is Lehman's CEO for Mena

Lehman Brothers Holdings, the fourth-largest US securities firm, appointed Philip Lynch as chief executive officer for the Middle East and North Africa, part of a plan to bolster its presence in the region.

Lynch, 43, jointly ran the firm's European and Middle East equities unit, and will be based in Dubai, according to an internal memo sent to employees. Patrick Meyer, a spokesman for the New York-based firm, confirmed its contents.

Lehman joins some US and European rivals in shifting senior employees to the Middle East in search of new business, as deals dwindle in Western Europe.