UNLESS the unthinkable happens, and Asian markets just go dead in the water this year, the million dollar merry-go-round for analysts in Hong Kong looks set to whir just as quickly as in 1993. Adrian Faure, the latest senior man to move across the street, says his shift from Barings to Merrill Lynch will definitely not be the last this year. Mr Faure will be building a Greater China capability for Merrill once his three-month contractual purdah ends. One key player, who is off the market in Hong Kong is Mr Faure's former colleague, Stuart Cook. He made a sudden, and sad departure from Barings in November last year to head up Morgan Grenfell's push to deepen its influence in Asian markets - but will be doing it from Singapore. Mr Cook and Mr Faure were part of the top team which made Barings virtually unassailable in the rankings for analysis in the region, but the original group, which also included Janice Wallis and Miron Mushkat, has now moved on - although the firm remains at the top of the tree in the most recent rankings, having stumbled a little in the middle of last year. Mr Cook's shift is part of the major re-building programme by Morgan Grenfell, a subsidiary of the Deutsche Bank giant. In June of last year five senior executives left the bank after a failed management buy-in. Morgan Grenfell is the best ranked broker in its home base of Singapore according to some listings, but has not achieved the same clout in other Asian markets. This is what Mr Cook is expected to produce, as chief executive of Morgan Grenfell Asia Securities. The move is part of an international drive by Morgan Grenfell to build up its Asian business. The arrival of Mr Faure to Merrill Lynch is the latest move by the giant US house to bring its Asian research up to the standard it has established in the United States. In the latest rankings by the UK-based Global Research magazine, Merrill rated just 40th overall, and was not even listed in the Hong Kong category. Mr Cook's hill is not as steep. Morgan Grenfell already ranks No 9 in Asia in the Global Research listings, although that is very much a function of its top standing in Singapore. Like Merrill, it does not figure in the Hong Kong ranks. While many in Hong Kong regard Lee Kwan Yew's City state as a backwater, Mr Cook reckons the lack of intense competition down there - particularly for staff - will be an advantage. He is all too well aware that Baring Securities is a strong No 2 in that market. Mr Faure predicts the job hopping in Hong Kong is set to intensify as other US houses look to build up their teams, and established British and Hong Kong brokers search around to fill the gaps.