The asset manager whose subsidiary, Clear Indexes, created the first benchmark for an exchange-traded fund providing access to timber markets has tapped a well-known Wall Street veteran as its chief investment officer.

Fred Fraenkel, a former head of global research at Lehman Brothers, will start as CIO at New York-based Clear Asset Management on June 1. He might be best remembered as a past member of Barron's Year-End Roundtable group in the 1990s.

Clear Asset Management, an equities research and institutional money manager, is headed by Andrew Corn. He's also the driving force behind the firm's related index provider. Corn and company's research has led to three ETFs so far, including the first of its kind, Claymore/Clear Global Timber Index (AMEX: CUT), which debuted late last year.

The firm also developed the underlying indexes for Claymore/Clear Global Exchanges Brokers (AMEX: EXB). The granddaddy in terms of providing an ETF platform is the Claymore/Clear Spin-Off (AMEX: CSD). That ETF launched at the end of 2006.

Corn has said that more indexes are in the works. Just as likely are more deals to spin those into ETFs.

Clear Asset has shown interest in working in niche segments of the market. That seems right up Fraenkel's path, who before Lehman served as a director of equity research and a director at Prudential Securities. He has also been CIO at E.F. Hutton and a Goldman Sachs analyst.

"Clear's innovative and disciplined investment process caught my attention. I'm eager to become an integral part of the team dynamic at the core of this firm," Fraenkel said.

He actually has been working at Clear Asset Management for more than a year now. He became chairman of its board of directors in early 2007.

Fraenkel also serves as chairman of Millennium 3 Capital, a venture firm specializing in early-stage companies that he founded in 2000. Before founding Millennium 3 Capital, Fraenkel served as vice chairman of ING Barings Furman Selz and chief operating officer of Furman Selz, an investment banking, financial services and securities firm.

"Fred's extensive knowledge and experience allows our organization to leap forward several significant steps," said Corn. "We're delighted that Fraenkel is continuing in his capacity as a member of the board while moving to an internal operational position with the company."