NEW ENTRANT SHAKES UP THE ESTABLISHED ORDER

There's been some consolidation of positions this quarter, a welcome respite from the comings and goings of the last two quarters.

It was mostly continuity across the two 'size' tables, with only some minor, lower table shuffling about to disturb the status quo. Indeed, the top three rankings by largest listed company clientele have acquired something of an air of permanence about them: Cazenove at number one as usual, followed by UBS Warburg Ltd and HSBC in second and third place respectively. Cazenove even stretched out its lead over UBS, adding a further 6 clients to its net total, while the pretender to the throne dropped a net 4.5 clients.

Cazenove also continues to rule the roost atop the other 'size' table, the ranking of stockbrokers in terms of their total client profitability. UBS finds itself the bridesmaid yet again, while Hoare Govett Ltd remains in third place.

Its showing across the two 'growth' tables illustrates why Cazenove also wins the award for most consistent performer across all four tables. Not even a fall this quarter from 4th to 6th place in the rankings of firms with the fastest growing clients can detract from this, given that Cazenove retains a third place in the other size table, that for fastest increasing client profitability, to add to its two first places.

However, Cazenove's consistency should not overshadow the other big gainer this quarter in the 'growth' tables - Beeson Gregory. This stockbroking firm jumps from 7th to first place in the fastest growing client ranking, one ahead of Brewin Dolphin Securities Ltd, and from 6th to 2nd in the fastest increasing client earnings stakes, this time one below the evergreen Brewin Dolphin.