![Mike Baird](/content/dam/images/g/n/p/f/t/o/image.related.afrArticleLead.620x350.go11ff.png/1460021937560.jpg)
![](/web/20160409120139im_/http://www.afr.com/content/dam/images/1/3/s/w/l/p/image.imgtype.afrAuthorAvatar.120x120.png/1425274522838.png)
That's the trio then.
There were three principal members on the research side of UBS's tattered Chinese wall involved in the note that gave Mike Baird's office heart-burn during the state election campaign.
That was the one which originally had the headline "Bad for the budget, good for the state" and went on to star in the Labor Party's television advertising – which was a bit awkward as UBS was, and if you can believe it still is, one of the Baird government's key advisers on the electricity privatisation.
There was the clever young analyst Andrew Lilley. He left the integrated investment bank to study a PhD at Harvard, as we revealed in August.
![Former UBS utilities analyst David Leitch (right), with former UBS analyst Andrew Lilley.](/content/dam/images/1/m/1/j/g/4/image.imgtype.afrArticleInline.620x0.png/1460019511962.jpg)
There the well-regarded Chris Williams. He had his head of research duties removed, as we revealed in December. He remains at the bank as the co-head of equities.
And there was the wonderfully independent utilities and materials analyst David Leitch. The 62-year-old was made redundant in January. He finished up at Matthew Grounds shop at the end of March.
That's almost exactly one year after Leitch confessed to us, "I shot myself in the knee" when asked about the research note drama.
Whether for Lilley, Williams or Leitch, the official line from UBS has been the same. None of the changes had anything at all to do with Notegate, they say.
We're not so sure. But we have no doubt that the Australian analyst community just became even duller.