Cazenove loses research head

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The Independent Online

JPMorgan Cazenove, the Queen's stockbroker, has been hit by the departure of David Knox, the well-regarded head of the firm's UK equity research division.

Mr Knox, who served on Cazenove's executive board, had been with the bank since 1994. Beside his UK duties he was the firm's deputy European research chief.

A source close to the bank confirmed Mr Knox resigned last month: "David is a class act and is a loss but he left the group amicably."

Mr Knox's exit comes at a tricky time, just months after the US investment bank bought the half of the 190-year-old Cazenove it didn't already own for £1bn.

Deferred stock options granted to staff will vest this month, possibly as early as this week, fuelling speculation that other high-profile figures may quit. So far, the merged business has suffered a small number of defections and redundancies have been kept to a minimum. The process of integrating Cazenove's 660 staff into JP Morgan began in January.