Bank loses researchers to rival

A pounds 1m derivatives research team left Credit Lyonnais Laing for a rival bank yesterday.

The move highlighted the growing value banks are placing on research by 'rocket scientists' to drive demand.

The members of the team - Richard Clarke, Helen Bond and Nick Blydon - managed a research tool called a value and momentum product. It is a computer-based stock picking model that combines current details of company values with past trends of stock momentum to decide future prices.

Credit Lyonnais Laing bought their company, database and intellectual rights for pounds 1m in 1991 and employed them on three-year contracts.

'It is an important product with a great name,' Michael Kerr-Dineen, chief executive of CLL, said. 'Only now it will cost us less to produce.'

The team is believed to have moved to Robert Fleming. 'It is an area where we are hoping to have a greater presence,' one insider said.