has left the bank and and returned to the UK.

Mr. Dell headed a team responsible for the bank's European mutual fund, the Japan funds, and the Pacific Rim funds. Wayne Chapman, senior vice president of investments, said Mr. Dell's position was not being filled by someone else.

"His duties have been absorbed internally by other members of the international equity team, and is part of the natural progression towards the restructuring of the bank's investment division, and the development of multi-manager products.''