Mulcahy to leave Peregrine for UBS
PEREGRINE Brokerage research director John Mulcahy is quitting to become managing director of UBS Securities Hongkong in April.
Mr Mulcahy, well known in the Hongkong securities industry, is leaving Peregrine at the end of the month.
He expected a replacement to be announced fairly soon.
At UBS he will be in charge of both securities research and trading.
Mr Mulcahy, a South African, was formerly a Citicorp Scrimgeour Vickers director and Business Post editor.
A trained accountant, Mr Mulcahy also worked on the Rand Daily Mail in Johannesburg for five years as a journalist. He left Scrimgeour Vickers to join Peregrine on June 1, 1989.
''I am leaving Peregrine on amicable terms. This is not a team move or anything like that. It is not in my interests to try and denude the brokerage of analysts.'' UBS is understood to be planning to increase the number of its securities staff from 20 to 40.
The office was opened in January last year. Previously the company had two economists employed in a research unit until the summer of 1990.
The office was closed when one of the economists, Mr Ian MacFarlane, joined Wardley Investment Services as its chief economist. He has now moved to London to head HSBC Asset Management's economic research team.