It's a small world. Alan Brown joined Michael Dobson as a trainee at Morgan Grenfell in 1974. Their paths diverged but from July they will be back together, this time at Schroders, as head of investment and chief executive respectively.

The London investment industry's merry-go-round is whirling rapidly. David Stewart, European institutional chief at Fidelity, is heading off to the Odey hedge fund boutique. Quintin Price of Gartmore is moving in as chief investment officer at Merrill Lynch Investment Managers to replace Peter Gibbs, who evidently thinks a good recent investment performance offers a suitable moment to go after 16 years.