ALL
CHANGE IN THE GROWTH TABLES
The top
financial advisers retained their relative positions in
most of the tables opposite, however the tit-for-tat battle
for inclusion into the leagues took another turn this quarter.
The most
number of clients' table shows last term's newcomer Peel
Hunt drop from the league after a net loss of one point.
We have 11 financial advisers again this quarter, despite
a fierce battle for inclusion into the tables. The jostling
for places in the leagues, abated somewhat despite some
significant changes in client numbers.
The top
two firms, Warburg Dillon Read and Dresdner Kleinwort Benson
strengthened their position at the top of the league, however,
the next three firms lost 13.5 clients between them.
Dresdner
Kleinwort Benson, despite news that its merger with Deutsche
Bank has been shelved, enjoyed a good quarter with an increase
of six clients, including its appointment by John Menzies
in March. Further down the league Beeson Gregory, itself
a new float, went up to seventh at the expense of Lazard
Brothers. It has been appointed lead adviser by the likes
of Advanced Power Components in January which dropped Brown
Shipley & Co. It has also advised a cluster of new issues
such as New Capital Invest and Vianet Group.
The top
three in the client pre-tax profit table lost some £861.6m
between them. Despite losing five clients Rothchilds remaining
clients saw profits increase by more than £100m, by
far the biggest increase in the table. A strong showing
in year-end figures at ARRIVA and Rolls Royce helped.
In the
two growth tables the rapid rise of Close Brothers is quite
interesting. Its clients pre-tax profits are growing at
13.7 per cent, up from 1.7 per cent in the previous study,
helping Close achieve top place. Not surprisingly Close
has shot up the EPS growth table from ninth to third. Its
client base include the likes of Cannons Group, MDIS and
NSB Retail Systems companies that have all turned
in impressive profit figures and growth.
With its
impressive standings in the growth tables we will see if
Close Brothers can translate this success into our other
two leagues...