Liberum wins another broking mandate after employee raid

David Hellier
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LIBERUM, the investment bank and research house, has won its second new broking client in the wake of its hiring of 14 people from Espirito Santo in July.

Workspace, the office rental group focused on new and growing companies, said yesterday it had appointed Liberum as its broker alongside Investec, the South African bank.

The appointment comes days after Vertu Motors, selected Liberum as its broker instead of Espirito Santo following the move to Liberum by Peter Tracey, the firm’s new head of investment banking.

Brokerships generally do not make money for investment banks but they provide the chance to forge relationships with corporates who usually go to long-standing advisers to help on deals and financial restructurings.

Liberum’s recent client wins will help to offset the departure of Michael Rawlinson, the firm’s former mining specialist and former Cazenove veteran, who has gone to Barclays. Mining and resources used to account for around 30 per cent of Liberum’s revenues but that is now down to around six per cent, according to chief executive Simon Stilwell.