JP Morgan Cazenove holds off challenge of Numis Securities as most popular City stockbroker
Stockbroker Numis has closed the gap between it and JP Morgan Cazenove as the most popular broker for FTSE-listed companies.
The US bank, which took over the blue-blooded Cazenove broker in 2009, retained its top position with 192 clients, according to figures from Adviser Rankings.
Meanwhile, Numis acts as stockbroker for 189 companies, a gain of three in the three months to 8 February, including new relationships with four FTSE 250 companies.
Read more: JP Morgan Caz just lost its top spot in the FTSE 100 stockbroking stakes
Numis’s rise in FTSE client numbers comes on the back of its new-found position as the most popular broker in health care stocks, in which it has 15 clients. It is also the leader in terms of the number of small cap clients.
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JP Morgan Cazenove retains its top spot as the most popular UK broker (source: Adviser Rankings)
Panmure Gordon held on to its third place, despite losing 10 clients over the quarter.
JP Morgan last year lost its crown as the top stockbroker on the FTSE 100 to Bank of America Merrill Lynch, which still takes the top spot among London’s blue chips with 31 companies, compared to JP Morgan’s 28.
JP Morgan Cazenove is still dominant in the FTSE 250, adding three firms for a total of 88 clients – almost double that of the next-nearest competitor, Numis.
Read more: Brexit and sterling? It's no biggy for Numis
UBS is the third most popular broker on the FTSE 100, as it gained two to leapfrog Morgan Stanley.
However, Beaufort Securities added the most new clients of any UK stockbroker in the quarter, with five new companies lifting its total number of clients to 58.