Gavin Masterton is to become treasurer and managing director at Bank of Scotland. Masterton has been on the bank's board since 1997. His previous title was treasurer and chief general manager. John Mercer has also been appointed to the Bank of Scotland board. Mercer will remain managing director at Capital Bank, Bank of Scotland's finance house. He joined Capital in 1975 and was appointed to the board in 1985. He has been managing director at Capital since 1985. Lazard Brothers has appointed Haruko Fukuda as a senior adviser. Fukuda was previously vice-chairman of Nikko Europe. Peter Koenig has joined Morgan Stanley Dean Witter as an executive director in the pensions group. Koenig will be based in Frankfurt and will be responsible for marketing the firm's products to pension clients in Germany, Switzerland, Austria and the emerging pensions markets of central Europe. Prior to joining MSDW, Koenig was a director at Commerzbank asset management.