New brokers are born despite tough times

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The catchily named N+1 Brewin, formerly the broking arm of Brewin Dolphin, opened its doors for business, while the former Arbuthnot Securities was merged into Westhouse Securities.

The moves signal the continuing shake-up of the corporate broking world as commissions earned on share trading tumble.

They also come ahead of the long-awaited sale of blue-chip broker Hoare Govett by Royal Bank of Scotland to Jefferies, the US investment bank.

"We started this deal 10 months ago when things were not looking quite so difficult," admitted Jamie Cumming, chief executive of N+1 Brewin.

"We may be launching at the lowest point of the cycle and there will certainly be opportunities to pick up good people and new clients in the coming 12 months."

N+1 Brewin, which is backed by a Spanish investment banking and asset management business, is broker to 57 companies and has a staff of 57 in its four regional and London offices.

Westhouse, which paid £1.9 million for Arbuthnot, today raised £2.4 million through a share placing.

It now has 90 million corporate clients.

The company said that it expects to announce a larger loss for 2011 than it did in 2010, after deteriorating market conditions in the latter part of the year and a number of deals which failed to materialise.