High profile banker Andrew Low resigned today, hitting Macquarie with a major blow.

Mr Low decided to cease from being the CEO of Macquarie Capital, the investment banking division of Macquarie Group, to start his own Asia Pacific regional financial services operations.

"After almost 20 years with Macquarie and Bankers Trust Australia, Andrew Low decided on a change in order to pursue a new business opportunity," Michael Carapiet, the global head of investment banking, said.

The news of Mr Low's resignation came as a shock at the bank, with him being the second-in-charge of Macquarie Capital.

He joined the bank 10 years ago through the Bankers Trust acquisition. Running Macquarie Capital in Asia for six years until late 2009, he led the growth of the business, which now operates across the region and employs more than 500 people.

According to Mr Carapiet, "Andrew will retain his links with Macquarie and act as a consultant to Macquarie Capital Advisors."

"As many of you will be aware Andrew has been a leader of the Macquarie Capital business. He has taken Macquarie Capital from a niche player to the successful investment banking franchise that we have across Asia," he said.
"We look forward to a strong ongoing association with Andrew and wish him well."

Macquarie also announced Len Caronia will replace him as joint chairman and global head of the Financial Institutions Group (FIG).

John Roddy will become the head of FIG in the US.