Broker merry-go-round turns on – The advent of MiFID II and the decline in new issues in 2019 may have been affecting revenues at some investment company broker teams. In the past few months we have seen some changes to the industry line-up. The latest story is that a team from Stifel are said to be joining Jefferies.
This follows Investec’s recruitment of a team of 14 from Canaccord in June this year; an exchange of staff between Cenkos and Panmure, and the ousting of much of Panmure’s team; a team going from Fidante to Cenkos; and rumours that, having long been linked with a desire to expand into the sector, Macquarie is instead shrinking its London office.