Latest Other City News In Brief

New Star Asset Management has purchased six retail unit trusts from Aberdeen Asset Management for over £90m.

Merrill Lynch believe that 2003 will be the year of the 'sheepish recovery' and warns that the bear market may not be over.

Goldman Sachs has confirmed that its senior merger banker David Baum is to step down in May.

Bank of America is to stop acting as financial adviser to Crossrail as it has decided to pull out of the project finance and advisory work required by the company.

UK unemployment is now at a 27-year low. Unemployment edged 5,000 lower between September and November last year to 1,515,000 or 5.2% of the working population.

Bram Smith, Head of Loan Syndications at Morgan Stanley, is said to be leaving the bank after 7 years.

Seven former traders and executives of Datake Online, a day trading firm, have agreed to pay $70m in fines for illegal trading undertaken during the latter years of the recent great bull run.

UK regulator The Financial Services Authority has confirmed that it proposes to introduce tough new rules to protect investors in split level trusts.

The euro hit a three year high against the US dollar this week of 1.0591.

Merrill Lynch has now promoted Jeffrey Neal to chairman of its investment banking division and Greg Fleming as COO of the unit.

UBS Warburg has amended its stock rating system to tell investors how certain an analyst is that a stock will reach a price estimate, or target, within 12 months.

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