The
calm in stockbroker activity reported last quarter
has continued with relatively few changes in league
positions this time.
The
ranking of those with the most number of clients remains
unchanged with the exception of Credit Suisse First
Boston (CSFB), which fell from seventh to eleventh
place as their clients are now 73, down from 84.5.
This was, in part, due to the de-listing of Allied
Zurich, the merger of SmithKline Beecham, de-merger
of Williams and take-over of Woolwich but offset by
some important additions such as easyjet and Chubb.
Cazenove retained the top spot, followed by UBS Warburg
but HSBC added the most clients (7.5 including Collins
Stewart). Brewin Dolphin has continued to make steady
progress over the last six months and added a further
five clients this time.
Cazenove
and UBS Warburg also held the lead in the pre-tax
profit table. There was some jockeying for position
amongst the next tier with CSFB losing a place to
fourth, reflecting the reduction in clients' profit
of £2,771m because of the lost blue chips named
in the above paragraph. Merrill Lynch moved up from
sixth to fifth, resulting from an increase in profits
of £3,650m thanks to its new clients. Charterhouse
fell out of the table from tenth place.
In
the two growth rankings, Peel Hunt continues the strength
shown in the previous quarter and occupies second
slot in both tables. The real flyer is, however, WestLB
Panmure moving from eleventh spot in the increase
in pre-tax profit league to fourth and from sixth
to first in the earnings growth table. Cazenove also
rose sharply in the profit growth table and jumped
from tenth to fifth. Beeson Gregory fell to last place,
down from ninth in the previous quarter. Dresdner
Kleinwort Wasserstein (formerly Dresdner Kleinwort
Benson) slipped back on both growth measures. Brewin
Dolphin moved up strongly in the earnings growth rankings
and is placed at number six, up from 13.