Pembroke: Bidding au revoir to the Bank of England

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The Independent Online
A little musical chairs at the top of the financial world. It is confirmed that Andrew Crockett, an executive director of the Bank of England, is to join the Bank for International Settlements in Basle as general manager. He succeeds Alexandre Lamfalussy, president-elect of the European Monetary Institute.

The move, which will take place in the new year, signals the end of Mr Crockett's second spell at Threadneedle Street.

He first joined the Old Lady in 1966 fresh out of Cambridge and Yale, then spent 17 years with the International Monetary Fund, including seven as deputy director of the research department. He returned to the Bank four years ago.

Mr Crockett, 50, who has penned two books on monetary policy, was in Basle yesterday. Putting the finishing touches on his package, presumably.

An aside to the debacle at Yorkshire- Tyne Tees Television, which has got itself into a pickle after selling more advertising space than it could actually screen. As ad agencies scramble to get their money back, the company is in the process of launching a new TV magazine with lots of special offers. It is called Cashback.

Patricia Knox, assistant City editor of the London Evening Standard, is to change sides and join the Stock Exchange as chief press officer. Ms Knox, who moved to Britain from Canada in 1972, is quite chuffed. 'I was headhunted,' she chirps. 'And after 17 years at the Standard, I don't think I can be described as a short-termer.'

The market for City analysts is hotting up, although going mad might be a more accurate description. In August, Nomura shelled out an inflationary pounds 1.3m over three years to poach Michael Lever, banking analyst at Smith New Court, whose team is ranked number two by Extel.

Now it is rumoured that Smith New Court is paying 'significantly more' for Richard Coleman of James Capel, whose team Extel rates fifth.

All this money sloshing around and the two haven't even begun work yet. Mr Lever doesn't start until the new year. And Mr Coleman is working out his six months' notice at home before starting at Smiths in April. Listless analysts should get their CVs ready.

No one can accuse the electricity analyst Chris Rowland of not trying life on the other side in the supposedly competitive market - even if he did get his fingers burned in the process.

Until earlier this year, Mr Rowland led BZW's UK research team, but boldly left to set up a company called Cabah to buy and operate National Power and PowerGen stations. After all, this was an activity encouraged by Offer, the regulator. Funding proved no problem, nor did finding customers or suppliers. What scuppered the Rowland plan appears to have been that the 'competitive' generators did not want to sell off their stations.

An older and wiser Mr Rowland has now returned to the City fold - as European electricity analyst at Merrill Lynch.

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