Troubled RBS loses Amlin brokership

Elizabeth Fournier
RBS HOARE Govett, the broking arm of RBS, shed another key client yesterday when insurer Amlin said it had switched advisers.

Amlin, the biggest Lloyd’s of London insurer by market value, announced it had appointed Morgan Stanley and Numis Securities as its new joint brokers – replacing RBS Hoare Govett which had previously been its sole adviser.

Over the weekend it was revealed that RBS is considering selling or closing its broking business as part of a scale down of its equities operations, and this latest loss of a FTSE 250 mandate could be a further blow to its future.

An Amlin spokesman declined to comment on a reason for the switch yesterday.