He will report jointly to Martin Smith, chairman of European investment banking in London, and Duff Anderson, global head of equity capital markets in New York. Graham joins from BT Alex. Brown, where he was head of global equity syndication and European equity capital markets. Before this he was with Salomon Brothers from 1986, where he was a founding member of the equity capital markets group in New York and later co-headed European equity capital markets and syndicate in London. Bernhard Erning, 41, has been appointed executive director in the equity capital markets division of WestLB Panmure. He will have joint responsibility with Karl-Joachim Neidhart for equity capital markets in Germany and will be based in Düsseldorf, reporting to Grahame Cook, global head of equity capital markets. Erning joins WestLB from Warburg Dillon Read in London, where he was executive director in corporate finance. Before this he was with UBS and Commerzbank in Frankfurt and PriceWaterhouseCoopers in Düsseldorf and London. Donaldson, Lufkin & Jenrette has appointed Nick Fothergill from Credit Suisse First Boston and Duncan Smith from Salomon Brothers to its growing equity research team in Europe. Fothergill will cover the European capital goods sector, while Smith will cover the European technology sector. They will report to John Smith, head of international research at the firm. John Donald, 37, is to join ING Barings in early April as regional head of research in Asia. Donald was formerly at Jardine Fleming for 13 years, including five years as head of regional research and three years as head of the firm's Japanese research team. He will be responsible for coordinating ING Barings' sector and country research efforts and will be based in Hong Kong. Also at ING Barings, Craig Racine, 31, has been appointed head of Asian telecoms research. He was formerly an executive director of Asian Infrastructure Fund Advisors Limited (Aifa), where he developed and managed a telecoms investment portfolio throughout the region. In this capacity, Racine has served on the board of seven telecoms companies in Asia. Previously, he spent 18 months as the regional head of telecoms research at Peregrine until its closure. Supporting Racine will be Leo Tang, who joins as regional telecoms analyst having also been at Aifa and Peregrine. Both will be based in Hong Kong. Two further additions to ING Barings' Hong Kong research team are Nicholas Wong, 33, who has been appointed senior property analyst, and Bill Mok, 37, who takes up the position of Hong Kong utilities analyst. Top rated telecoms analyst Pat Jurczak has left Santander Investment Securities to join Dresdner Kleinwort Benson as director of Latin American research. He will report to Warwick Bray, global coordinator of telecoms research at DrKB.