Dawid Konotey-Ahulu has quit as head of Merrill Lynch's pensions and insurance group in Europe to set up his own advisory firm.

Konotey-Ahulu said: "I have been working in the banking sector for 17 years and I have decided that the time has come to retire from this industry to take on a new challenge. There are only so many years that you want to carry on getting up at 5.30 in the morning."