NCB Stockbrokers has made its first major appointment since seven senior executives left the company last month with the appointment of Mr John Reynolds as head of equity research and strategy. Mr Reynolds, in effect, takes over the role of Mr John Conroy, the leader of the seven executives who left to form Merrion Capital.

Mr Reynolds joins NCB from ING Barings in London where he was managing director of global research and chief investment strategist. In those roles he had responsibility for more than 500 ING Barings staff worldwide. He joined ING Barings in October 1996, having previously worked for NCB's parent, Natwest Markets, where he was a managing director and head of research in then global financial markets division.

In his new role, Mr Reynolds takes over a NCB equity research department which has been reduced to just three analysts following the departure of Mr Conroy, Mr Shane Nolan and Mr Rory Gillen to form Merrion Capital. But NCB spokesman, Mr John Kielthy, said that Mr Reynolds is only the first in a number of appointments to be made in the research division, while new appointments are also to be made in the broker's equity sales division.

Meanwhile, Merrion Capital - the financial services group formed by the seven former NCB executives - has also begun to recruit staff. Merrion is looking for equity analysts, private clients and institutional sales staff as well as back office, settlements, technical and finance staff.