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Garban Intercapital's high profile head of legal is leaving to help set up Telstar's new internet venture.
Gillian Switalski, worldwide legal director, director of compliance, and company secretary at Garban Intercapital, has already started work at Telstar but will continue as a consultant at her former company for the next 12 months.
A spokesman at Garban says: "She will be a consultant but not in the formal sense. I think the principle is that she will continue to do some work until it is finished."
He adds that Switalski will not be replaced, since the company has a team of two in-house lawyers it inherited when it merged with Intercapital, which was announced in June.
Switalski was headhunted for the job at Telstar. She says: "It was an opportunity to get involved with an internet venture."
Switalski first joined Garban in 1998 to help advise on the financial services company's demerger from United News & Media.
She subsequently helped with the flotation of Garban and its recent £300m merger with Intercapital, which created the world's largest wholesale broker.
As a result, a large chunk of the combined staff of both companies, which totals 3,100, lost their jobs.
Switalski has had a high profile career as an in-house lawyer.
Prior to joining Garban she was director of corporate services at National Lottery organiser Camelot, which she joined after leaving Sony UK where she was general manager of legal affairs.