Merrill has hired Mark Iannotti and Alastair Syme, co-heads of the team, and five other, including salesman James Talbot. The Salomon oil and gas research team was ranked number four in this year's Thomson Extel's pan-European survey of fund managers.
A spokesman for Salomon confirmed that the firm had suspended coverage of the sector: 'We had to. The whole team is gone.'
The ex-Salomon team will work with Merrill's current oil analyst in London, Susan Graham.
The move is quite a coup for Merrill, proving that no matter what investors think, top analysts still are keen to work for the firm.
Good News For Merrill - At Last
Bloomberg reports that Salomon Smith Barney has lost its seven strong European oil research team to rival Merrill Lynch and has been forced to temporarily stop coverage of the sector.
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