Michael Jeffrey, managing director at Nikko Bank in London, has left Nikko to join Robert Fleming as treasurer, an official at Fleming confirms. Jeffrey is filling a new position, says foreign exchange director David Smith. "We've never had a treasurer before," he says. Market sources suggest that plans are afoot to raise Fleming's profile in forex, but Smith would not elaborate on that point.

Meanwhile, Jeffrey's departure at Nikko has left a gap, which several reliable sources in the market

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