The investment banking division of Schroders, which is due to complete its merger with Citigroup's Salomon Smith Barney in less than a month, has suffered three more departures, including UK head of M&A Mark Warham.

Warham, the well-liked and respected director, is set to join Morgan Stanley Dean Witter as managing director of M&A in June. He will bring with him Henry Stewart, a manager at Schroders, and John Malhorta, an executive.