Currencies

Dollar rises as markets turn eyes to Opec

European bourses are mirroring a tentative Asia session as the dollar continues to be supported by better US economic data and investors turn their attention to a meeting between Opec members. Sentiment is underpinned by US index futures suggesting the S&P 500 will gain 3 points to 2,207.3 when trading gets under way later in […]

Continue Reading

Banks

Basel Committe fail to sign off on latest bank reform measures

Banking regulators have failed to sign off the latest package of global industry reforms, leaving a question mark hanging over bankers who complain they have faced endlessly evolving regulation since the financial crisis. Policymakers had hoped to agree the contentious new measures at a crunch meeting held in Chile this week, but a senior official […]

Continue Reading

Financial

Travis Perkins and Polymetal to lose out in FTSE 100 reshuffle

Builders’ merchant Travis Perkins and mining company Polymetal face relegation from the FTSE 100 after their recent performances were hit by political events. The share price of Travis Perkins has dropped 29 per cent since the UK voted to leave the EU in June, as economic uncertainty has sparked concerns among some investors about the […]

Continue Reading

Economy

Eurozone inflation climbs to highest since April 2014

A welcome dose of good news before next week’s big European Central Bank meeting. Year on year inflation in the eurozone has climbed to its best rate since April 2014 this month, accelerating to 0.6 per cent from 0.5 per cent on the back of the rising cost of services and the fading effect of […]

Continue Reading

Financial

Wealth manager Brewin Dolphin hit by restructuring costs

Profits at wealth manager Brewin Dolphin were hit by restructuring costs as the company continued to shift its focus towards portfolio management. The FTSE 250 company reported pre-tax profits of £50.1m in the year to September 30, down 17.9 per cent from £61m the previous year. Finance director Andrew Westenberger said its 2015 figure was […]

Continue Reading

Categorized | Financial

London broker sets up Manchester office


Posted on October 21, 2014

Numis Securities has opened an office in Manchester as the London-based independent stockbroker looks to service companies in the regions.

Numis has hired Graeme Summers as a managing director of corporate broking to lead the northern charge. Mr Summers had previously spent around two decades at rival broker Brewin Dolphin, and was also head of corporate broking at N+1 Singer.

    Oliver Hemsley, chief executive of Numis, said: “We think the north is underserviced. There’s lots of interesting companies based there and we want to be able to access them.”

    Numis’s main competitor in the north of England is Zeus Capital, which has offices in Manchester and Birmingham. Zeus has raised £900m for flotations in the past 15 months or so, roughly 40 per cent of IPOs on London’s Aim. The broker often works as the sole adviser to companies.

    This summer Zeus hired Adam Pollock, the head of corporate broking at Panmure Gordon, as the company expands its list of clients. And last month it named Sir Nigel Knowles, managing partner of law firm DLA Piper, as chairman. Sir Nigel built DLA Piper from a UK regional practice to a global law firm.

    The opening of Numis’s new office comes amid a resurgence of corporate activity in the regions and has attracted the attention of London’s brokers, who normally focus on winning mandates in the capital.

    “Until recently, London brokers were dusting off the map as to where Manchester was. Now they’re heading up there on the train trying to win business,” one broker said.

    Numis has worked on several flotations of companies from the north of England this year, including the initial public offering of Doncaster-based Polypipe in April, which valued the pipe maker at £490m.

    In May Numis floated another Yorkshire company, Clipper Logistics, which counts John Lewis and Asos among its clients. It also worked on the June IPO of Blackpool retailer B & M.

    It also acts as corporate broker to Manchester-based car dealer Lookers and Norcros, a Cheshire bathroom fittings group.

    Numis, which has been one of the best performers in the UK mid-market this year, reported record revenues during the six months to March 31. The buoyant market for flotations boosted 59 per cent to £51.5m, while adjusted profit before tax increased 125 per cent to £20.7m during the period.