HOARE Govett, the corporate broker that has just been bought by the investment bank Jefferies, has lost another client.
Mouchel, the outsourcing group, said yesterday it had appointed Goldman Sachs as its new broker and financial adviser. Goldman, which had traditionally served only the larger UK corporates, has been moving down the value chain in recent months.
A source close to Mouchel said that the firm had instigated a review of its advisers following the change in ownership at Hoare Govett, which used to be owned by RBS. Hoare Govett also yesterday officially lost G4S as a client and recently another of its clients, Tullow Oil, switched advisers.
Jefferies is expected to make a fightback in the coming weeks.