According to a league table seen by The Times, which shows the number of clients held by the 20 biggest stockbrokers, bigger firms like Dresdner Kleinwort and UBS are losing clients to smaller rivals such as Collins Stewart.

UBS, for example, has lost a fifth of its corporate clients over the past year after Commerzbank bought Dresdner and stopped covering UK equities.

Panmore Gordon is also in trouble, but the biggest loser is thought to be Teathers, with a future which has been thrown into doubt after the bank that owns it, Straumur Burdaras, was effectively nationalised by the Icelandic Government yesterday.

Smaller firms have been benefitting from their rivals’ losses, however, with Andy Stewart’s firm Cenkos announcing one of the biggest gains.

“We have found that the demise of the bulge-bracket ‘all-singing-all-dancing’ investment banks has been a major benefit to Cenkos,” Mr Stewart told The Times.

“Companies are looking for a proper service and advice,” he said. “We continue to work with our clients and avoid showing off with absurd job titles, and remain amazed that other firms weigh up their advice by the number of business cards on show rather than advice.”

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