Clinton Daly resigned Monday as co-head of institutional equity sales at Deutsche Banc Alex. Brown, becoming the latest high-level executive to depart since the investment firm's acquisition by Frankfurt- based Deutsche Bank.

A spokeswoman for Deutsche Bank confirmed Mr. Daly's departure, which was effective immediately. A source said he left without lining up another job.

Thom Young is now left to run institutional sales along with David DiPietro, head of North American equity operations. Mr. DiPietro reports to Michael Philipp, head of global equities.

Deutsche Banc Alex. Brown was formed June 4, when the German bank completed its $9 billion acquisition of Bankers Trust Corp., which acquired Alex. Brown in 1997.

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