At least three Asian executives from Crosby Securities' Singapore office have resigned, but market sources say it is not clear whether this is the beginning or the end of the exodus. Most sources said it was unusual to see cracks at Crosby, a privately held merchant bank that usually presents a unified front. That makes the recent departures stand out all the more. One source outside the firm said: 'There have been a few departures recently and these things tend to snowball.' Crosby spokesman Ann Hughes confirmed the departure of Gan Seow Ann, managing director of the Singapore office; Victor Lye, head of Singapore sales; and Sunil Gupta, who ran the firm's India operations. Other sources within the firm estimate recent departures around the region at about eight to 10 people. The firm recently suffered a key loss in London, with the departure of Mark Driver, head of sales, who was replaced by Rory Hills. So far, however, the Hong Kong office is largely intact, with turnover here described as 'normal'. Research analyst Lindsay Cooper has left to set up his own company, and another analyst is on sabbatical. Sources within the firm said some people were dissatisfied with the 'rewarding of personnel' and what they saw as the lack of a clear distinction between the firm's highly successful broking operations and its recent push into investment banking.
