ALL
CHANGE AGAIN FOR FINANCIAL ADVISERS
With
last quarter’s financial advisers league swelling
to 13 firms, we asked if those involved could stay
in this most changeable of tables. The answer this
term seems to be a resounding no.
Credit
Suisse First Boston (CSFB) and Deutsche Bank have
succumbed to the pressure and dropped out of the
top 13 after only a brief stay. Those taking advantage
of their misfortune are Brewin Dolphin and Williams
De Broe. While Brewins feature regularly in our
top stockbrokers league, Williams are a welcome
newcomer to the survey. Their 43.5 clients have
lifted them to 13th position in the most number
of clients table. These companies are split fairly
equally between fully listed (22.5) and AIM (21).
Williams now advises United Overseas Group, which
it took over from Solomon Hare Corporate Finance
and also has on its books a number of new issues.
These include Business Systems Group and Clarity
Commerce Software.
The
other newcomer Brewin Dolphin, has shot up from
16th place last quarter on the back of an eight-point
gain. It now has Firestone Diamonds as a client
after it was appointed instead of John East & Partners
and the newly floated Zytronic.
Despite
a three point and £579.3m reduction in client pre-tax
profit Schroder Salamon Smith Barney has leapt a
place to second in the client pre-tax profit league.
Rothschild’s also did well; it shot up three places
to third on the back of a £1154.2m improvement.
Both were taking advantage of a poor quarter for
Lazard Brothers, who slipped to fourth.
Elsewhere
in the table, the two newcomers Brewin and Williams
are bringing up the rear. We will have to wait to
see if they can both turn round negative figures
over the next three months. Mid-table saw Dresdner’s
go up a place and Investec Henderson Crosthwaite
up three to eighth.
As
so often happens in the two growth leagues, an improvement
in one is often replicated in the other. Investec
Henderson has rounded off a strong summer overall
by becoming the champion in both growth tables.
Williams can also be happy with its showing and
is steady at fourth in both.
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