NCB Stockbrokers has brought its equity sales team back up to its full complement with four equity research appointments.

These and earlier appointments replace the dealers and analysts who resigned en bloc from NCB four months ago to set up the Merrion Capital financial services group.

One of the key appointments is that of Mr John Kelly as financials analyst, given that banks and other financial services companies account for more than one-third of the value of the Irish market.

Mr Kelly has joined NCB from Merrill Lynch in London where he was senior analyst with the British and Irish banks team since 1997.

Before joining Merrill Lynch, Mr Kelly was a chartered accountant with Deloitte & Touche in Dublin.

Three additional appointments bring the NCB equity research complement to 11, two more than a year ago.

Mr Robert Hussey has been appointed telecoms and technology analyst, having spent the past four years with Credit Suisse First Boston's flotation team in Frankfurt with a special focus on the Neuer Markt.

Mr Hussey previously worked as an equity analyst with Warburg Dillon Read.

Ms Jane Riordan has joined NCB from Bear Stearns in New York where she was manager of the equity research division for private and institutional clients.

She previously worked as a financial analyst on mergers and acquisitions with Investment Dealers' Digest.

The fourth appointment is of Dr David Marshall as pharmaceutical analyst.

Dr Marshall has joined NCB from the department of microbiology at Trinity College Dublin and the department of biology at Imperial College in London.

Previous research appointments at NCB have included former Irish Farmers' Journal agribusiness editor Mr Paul Meade as food analyst and Mr John Sheehan as utilities analyst.

Mr John Reynolds was appointed last month as head of equity research, having previously worked at ING Barings as managing director of global research and chief investment strategist.

Meanwhile, sources close to Merrion Capital, the breakaway from NCB, have indicated the group is in line to reach its mid-November target to have its stockbroking licence and its institutional partner in place.