UK - Rashpal Bhabra will take over as UK head of corporate consulting at investment consultant Watson Wyatt in London.

Bhabra's role is to lead the advisory services for corporate pension scheme sponsors, following the departure of Andrew Reid, who is leaving the company to join Credit Suisse.

Bhabra previously headed Watson Wyatt's Birmingham office, said the company in a statement today.

Elsewhere, the Dutch investment bank and one of the first sub-prime victims NIBC has said it has appointed Jeroen Drost as its new chief executive officer.

Drost, previously chief executive of the Asian operation for the recently sold ABN Amro Bank, will replace Michael Enthoven, who announced his resignation in January, alongside his chief risk officer Jurgen Stegemann.

Enthoven and Stegeman resigned after major Icelandic bank Kaupthing announced it would not proceed with its €3bn acquisition of NIBC.

Kaupthing said at the time "due to the current instability in the financial markets", it had decided not to pursue the deal with NIBC's owner, US buyout firm JC Flowers, and the move prompted Enthoven and Stegeman to resign.

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