Five spot dealers at Exco International Ltd.'s Singapore unit, Astley & Pearce Pte Ltd., quit about three weeks ago to join Harlow Ueda Sassoon (Singapore) Pte Ltd., but this doesn't signal the start of an exodus, Exco sources say.

So far, negotiations for a management buy-out have continued without any senior defections. Indeed, about five weeks ago, Exco wooed away one of the top traders from Tullett & Tokyo Forex International Ltd. in London. David Eells, who was in charge of Tullett's

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