Andrew Smith, mining stalwart at broker Collins Stewart, has become the latest high-profile defector from the firm. Smith, who helped tycoon Robert de Crespigny with his £50 million reverse acquisition, restructuring and funding of Greenwich Resources (now Scarborough Minerals) has left to join Royal Bank of Canada.

He is taking colleague Martin Eales with him to add expertise in smaller companies to Royal Bank’s existing natural resources arm. ‘We are applying for AIM nominated adviser status,’ says Smith, who left Collins Stewart barely a week ago.

Royal Bank of Canada’s decision to beef up its AIM and smaller company resources capability might cause a frisson at the London offices of Canaccord, the Canadian-owned broker which has handled the lion’s share of AIM natural resource floats in the recent boom. ‘It would be fantastic to knock Canaccord off its perch,’ enthuses Smith.

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