NCB loses more staff to Merrion Capital

Three further senior members of NCB Stockbrokers have left the firm, two of them to join Merrion Capital, the financial services group set up following the departure of seven NCB executives in June.

Mr Pat O'Neill, a senior member of the equity sales department, has left NCB to work in the institutional side of equity sales for Merrion Capital.

Mr Adrian O'Carroll, an equity dealer, is joining Merrion Capital to work on its equity sales desk. He left NCB in June though his departure was not reported at the time. Mr O'Carroll set up the NCB operation in London in 1994 and ran it for a number of years.

Mr Ciaran O'Neill, who worked in equity research, has left NCB to return to Fidelity Boston. "We have been changing the division around post the original defections and we have been on a recruitment drive," said Mr Conor O'Kelly, managing director of NCB.

"We are embracing the opportunity to change the firm. It is inevitable that some people are going to decide to leave and go elsewhere.'

Mr O'Kelly said NCB has recruited a number of new staff members but he was not in a position "at this stage" to give names. "There will be significant announcements over the next couple of weeks. We will be replacing all the people who have left."

Ulster Bank-owned NCB Stockbrokers was hit in June when its deputy managing director, Mr John Conroy, left with six others and set up Merrion Capital. Merrion is currently involved in negotiations with potential investors in the new firm.