TEATHERS AND GREENWOOD GO FROM ZERO TO HERO

Last quarter witnessed both continuity and change in the stockbroker tables, with renewed volatility in the composition of the tables.

The old names continued to dominate both the size tables, with Cazenove and Co retaining top slot on each one, and UBS Warburg still the runner-up. Both firms remained significantly ahead of the rest of the field, both in terms of stock market company client numbers and client profitability. The most movement was witnessed at the bottom of each table, with new entrants Teather & Greenwood Ltd and Collins Stewart Ltd joining the fray. West LB Panmure was dropped from the rankings as its client listings fell below the cut, while the tables increased by one to total fourteen stockbrokers as Collins Stewart put on 11.5 net new clients and Teathers picked up six.

As one would expect, given the AIM company preponderance in their client lists, entirely different firms dominated the two growth tables. Teather & Greenwood entered the earnings table from nowhere to replace West LB Panmure at number one, West LB having exited the rankings. Credit Suisse First Boston de Zoete took runner-up slot, the only other broker in the table to post positive client average earnings growth last quarter. The previous runner-up, Peel Hunt & Co, dropped to third slot, while Merrill Lynch leapfrogged six places to take fourth position. Old Mutual Securities slumped from third to eighth position. The other new contender, Collins Stewart Ltd, closed off the rankings at fourteenth slot.

The top three positions were shuffled in the table for fastest growing clients. Peel Hunt & Co gained one slot to head the table, ahead of runner-up Hoare Govett who had also gained a place over the quarter. The previous top dog, Old Mutual Securities, dropped three places to third as the slowdown in company growth across its clientele was more severe than either of the stockbrokers positioned ahead of it. Small company specialist and newcomer to the table, Teather & Greenwood, secured fourth place, ahead of the stockbroking 'old guard.'

Overall, UBS Warburg fared best across all four criteria, courtesy of its strong showing in both growth tables, just ahead of Hoare Govett.