Hoare Govett, the corporate broking arm of ABN Amro, has lost its second senior executive in a month to Merrill Lynch as investment banks battle for UK corporate broking business.

Mark Astaire, who resigned on Monday, will become vice-chairman of corporate broking at Merrill Lynch. He will be reunited with Andrew Osborne, who left Hoare Govett to join Merrill Lynch last month. Astaire is expected to join in August.