On Tuesday the co-head of UK corporate broking firm, Merrill Lynch, announced his resignation with effect from end of April.

Michael Findlay, will work for his family property investment business, a spokeswoman said on Tuesday, Reuters reported.

Findlay, 41, spent 11 years at Merrill, which was bought by Bank of America last month.

Once Findlay departs, current co-head, Simon Fraser, will be joined by Mark Astire, the new co-head.

Astaire is currently a managing director in corporate broking.

In the past two months, several Merrill executives have stepped down from the firm, including Brent Clapacs, the former head of equities in Europe, Middle East and Africa, and Bob Wigley, former regional chairman.