Changing the guard in London

After the initial shock following the announcement in March that both Carol Galley and Stephen Zimmerman were to retire this year, it turns out that very little has changed.

Peter Gibbs is the new public face of Merrill Lynch Investment Managers in Europe following his promotion to sole global chief operating officer, a role his former bosses shared. But he has been head of the Europe, Middle East and Africa region since late 1999, as well as being co-head of global equities since 1996, so already has hands-on control of investments and organization.