The UK's watchdog on mergers and acquisitions has named a City veteran who ran regional investment banking teams at storied merchant bank Morgan Grenfell and Merrill Lynch as a deputy chairman.

The Takeover Panel's addition of Justin Dowley to its ranks was among several changes to its membership announced today. Dowley, who spent 30 years in investment banking, replaces David Challen as one of the panel's two deputy chairmen alongside Philip Remnant.