Lehman Brothers has raided a three-strong team of European credit strategists from BNP Paribas to fill a gap in its research group left when the previous team defected to Barclays Capital two months ago.

Alan Capper joins the US bank as chief strategist to run the team after working for nine years at BNP Paribas in several roles, including head of credit portfolio strategy. Capper's former colleagues, David Brickman and Gregory Venizelos, will join him.