Mike Drozd, the former co-head of research at HSBC Securities, and previously UBS, has re-surfaced at Teather & Greenwood as the firm's first pan-European oils analyst. This move will see Drozd return to his roots after a series of senior management roles in equity research.

Drozd worked as an oils analyst at Morgan Grenfell Securities and Paribas before joining UBS in the early 1990s. There he soon became head of country product and co-head of European research alongside Malcolm Maclachlan. After the merger of UBS and SBC in 1998, Drozd and Maclachlan moved to HSBC Securities where they headed the research department for just over a year. His job at Teather will be a role reversal for Drozd, who will report to Guy Feld, head of research. Drozd used to be Feld's boss at UBS. Feld said: Oils is a crucial sector for us and we needed to fill the hole in our coverage. Mike is a very experienced analyst in the sector.' Feld aims to double the size of the research department from 13 analysts over the next two years, with the obvious remaining gaps being property and utilities. Drozd's move reflects that of his old partner, Maclachlan, who returned to being an analyst last year as a European food retail analyst at Dresdner Kleinwort Benson.