Joint managing director of broker Kerry Securities, Jeremy King, has left the firm. Mr King resigned officially on Saturday, after what managing director Allan Read last night described as 'mutual agreement' between the company, its shareholders and Mr King. Mr Read will continue as sole managing director. The firm has employed David Walton-Masters to take up the newly created position of global sales and research chief, covering some of Mr King's former duties. Mr Read said the new position had been 'on the drawing board for some time', and Mr Walton-Masters could not be considered a direct replacement for Mr King. Mr Read said Mr King's departure was amicable, and there were no hidden reasons for the move. 'We wish him well,' he said, adding that Mr King was taking 'time out'. Mr King was a director of Kerry's funds management division. It is understood this saw him involved in a number of the division's Southeast Asian funds. Kerry Securities is involved mainly in institutional work, and a large proportion of its dealings is with fund managers from Britain. A major shareholding in Kerry Securities is held by interests associated with Robert Kuok, chairman of South China Morning Post (Holdings).