MID-CAP broker Collins Stewart is to re-brand itself to reflect its growing number of joint mandates with its recent acquisition, Hawkpoint.
The resulting entity, Collins Stewart Hawkpoint, would only use the new name for specific advisory work and is subject to shareholder approval.
The announcement came as the broker posted a moderate increase in earnings yesterday, with pre-tax profits edging up three per cent to £19m.
The improvement was more marked in measures that exclude one-off costs like the firm’s purchase of an office in Frankfurt, with operating profit rising 16.9 per cent to £25.6m.
The rise was driven particularly by the firm’s securities business, where profits rose 50 per cent – in contrast to similar business lines at larger banks, which suffered from low trading volumes last year.
Chief executive Mark Brown told City A.M. that the broker was “actively seeking more acquisitions” after its successful integration of two wealth management businesses last year. But Brown added: “It’s about being patient. We are very wary about acquiring outside wealth management.” Wealth management offers a stable, even revenue source, he said.