He will be based in London and will work with chairman Charles McVeigh III and report to co-chief executives Jim Boshart and Ron Freeman. De Carvalho joins from Nikko Securities, Japan's number three brokerage, where he had been head of international business since 1997. The appointment follows the announcement last June of a strategic alliance between Nikko Securities and Citigroup, which included the creation of Nikko Salomon Smith Barney. Hugh Simpson has been appointed to the board of CrestCo, the company that runs the Crest settlement system, as executive strategy director. Simpson has been at CrestCo since 1993. His responsibilities have included working on the move of the UK market to rolling settlement, preparing the transition to Crest and, as company secretary, establishing CrestCo as an operational company. Non-executive appointments to the board are Christopher Ring, head of Nat- West Stockbrokers, and Jonathan Howell, a director of the London Stock Exchange. Anne Simpson, joint managing director of Pensions and Investment Research Consultants (Pirc), has been appointed to promote greater awareness of corporate governance issues in developing countries. She will focus on the private sector in the developing economies of Russia, Asia and Africa. The three-year contract is a new position set up in the wake of stock market turmoil last autumn. Simpson will move to Washington in the summer. She has worked at Pirc since 1986.