resigned rather than take a position with a new company formed out of a merger with Rollins Burdick Hunter.

Mr. Grayston, who left his post earlier this month, was not available for comment yesterday.

But it is believed that, after running his own show at Frank B. Hall (FBH), he did not want to accept a lesser position in a merged company.

But Mr. Robin Spencer-Arscott, who is chairman of the new merged firm, Rollins Hudig Hall (Bermuda) Ltd., confirmed that Mr. Grayston had left.

The change was always on the cards once Rollins Burdick Hunter (RBH) announced several months ago that it was taking over Frank B. Hall on an international basis.

The new firm, Rollins Hudig Hall, is an amalgamation of RBH, FBH and Hudig Langeveldt, of the Netherlands, which RBH acquired in October, 1991.

Mr. Spencer-Arscott said the new firm, which will be based at Cumberland House, Hamilton, will be physically brought together in Bermuda in January.

He said he did not expect many job losses among the 17 staff still employed by FBH. The new company would have more than 80 captive clients, he added.