Peter Mellor has resigned as head of the Bank of Bermuda's investment division. There is as yet no announcement about who will replace him.

Mr. Mellor will remain as a consultant to the bank until June 30, after which he plans to return to the UK "to pursue other interests'', according to a press release. Mr. Mellor could not be reached for comment.

He joined the Bank of Bermuda in 1992, and became a member of the Executive Committee in 1994. During his time at the bank he restructured the investment division and oversaw the installation of a global computer system. This year the Bank of Bermuda bought Jersey-based Le Masurier, James & Chinn, a leading offshore investment house, for $800 million.

He began his career in 1964 as portfolio manager with Hambros Bank, responsible for the management of pension funds and the accounts of high net worth customers at the London-based merchant bank.

In 1968, he joined London-based stockbroker Hoare Govett Ltd. where he developed a computerised research system on the investment trust sector. In 1972, Hoare sent him to Hong Kong, where he established the company's Far Eastern operations.

He became director of research for Nomura International in 1979. One year later he joined Bankers Trust London as director of an investment subsidiary.

In 1983 he left Bankers Trust to found Beutel Goodman International Plc, an independent management firm which developed a global fixed-income product for the US pension market. In 1990 he set up Johnson Capital Management, an international equity management company.

Peter Mellor