Steve Bellotti, a former senior executive with Merrill Lynch, has become global head of capital markets at Dresdner Kleinwort Wasserstein, the investment banking arm of Germany's Dresdner Bank. For the past four years he has been running a US property investment company.

In an internal memo circulated at DrKW and passed to Financial News Online, Andrew Pisker, chief executive, said Bellotti will take the newly-created position "with immediate effect" and unveiled several other senior management changes.