Chairman of British Unit of Prudential-Bache Quits

Prudential-Bache Capital Funding PLC, the investment and merchant banking arm of Prudential-Bache Securities (U.K.) Inc., said that Chairman John MacArthur was resigning over differences on strategy.

He announced his intention to resign from the firm effective April 16. Also announcing his intention to resign was Tim Holland-Bosworth, head of British corporate finance.

Both joined Prudential-Bache about 18 months ago from the brokerage Kleinwort Benson. MacArthur was recruited to develop merchant banking activities in London.

MacArthur was not immediately available for comment.

The firm said MacArthur and Holland-Bosworth elected to leave over differences with management on the British merchant banking strategy of the firm.

Theodore Fowler, president of Prudential-Bache Capital Funding-International, said: “The departures are totally amicable. John and Tim deserve a lot of credit for the firm’s progress in the United Kingdom. Nonetheless, we differed on the direction and expansion of our U.K. presence.”

William Hulton, head of Prudential-Bache’s European banking activities, is immediately taking over MacArthur’s post.