NATION

Stephen Waters, co-head of mergers and acquisitions at Shearson Lehman Hutton Holdings Inc., has resigned to pursue other business opportunities, according to the firm. Wall Street rumors have placed Waters at First Boston, which has been attempting to rebuild after the loss of its two top merger executives, Bruce Wasserstein and Joseph Perella. Waters was not available for comment. J. Tomilson Hill, who has shared responsibilities with Waters, will assume sole leadership of the division.

Separately, Shearson said it hired Andrew Cooper, senior vice president and the top-producing broker at Dean Witter Reynolds Inc., Sears, Roebuck & Co.’s subsidiary, effective immediately. It expects most of Cooper’s staff to join him.