PaineWebber "was a logical place to go," Mr. Evans said.

Paul F. Jacobson, head of North American fixed-income sales and trading at Deutsche Morgan Grenfell, resigned last week to pursue other interests. He will leave the firm at yearend.

A former partner in Goldman, Sachs & Co. in charge of liquid capital markets, Mr. Jacobson, 42, had joined Deutsche in 1996 after spending three years running his own hedge fund, Jacobson Capital Partners LP.

He will be succeeded by Kevin Ingram, head of mortgage-backed securities.

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