JP Morgan Cazenove, the most popular stockbroker for blue-chip companies for the past decade, has lost its crown to Bank of America Merrill Lynch after losing four FTSE 100 clients in the past three months.
The American banking giant, which merged Bank of America and Merrill Lynch at the height of the financial crisis, has picked up RBS as a client in the past year. JP Morgan, meanwhile, watched as its client Aberdeen Asset Management was demoted to the mid-cap index.
Barclays, which bought Lehman Brothers’ brokerage in 2008, has also picked up momentum recently. In 2016 the bank has picked up work as joint broker to the tobacco company Imperial Brands, as well as the mid-cap firms Moneysupermarket, Hastings and Countryside.
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