25 May 2012

Daniel Stewart secures agreement with Clarkson

27/10/2011 Miles Nolan

Stockbroker Daniel Stewart (DAN) has signed a deal with Clarkson Capital Markets, in a move which will bring it greater access to the wealthy Middle East market.

Clarkson is an investment bank with a focus on the global maritime, oil services and natural resources sectors. Cash rich, it has offices in London, New York, Houston and Dubai. The deal with Daniel Stewart will see the broker distribute Clarkson research, particularly in the transport space where it is well established.

Further to this, it will provide share trading services, corporate finance, as well as IPO advisory services for potential listings from overseas seeking to join the London market. Speaking to Growth Company Investor, chief executive of Daniel Stewart Peter Shea said 'the agreement (with Clarkson) provides access to wider capital pools and by slotting straight into our distribution channels it should prove beneficial for both parties.'

By partnering with well financed players, Daniel Stewart will be well placed to ride out the current difficulties facing a number of small-cap focused brokers in London.

Yesterday AIM listed rival XCAP raised £1.4 million to boost working capital, and admitted it had suffered a 'negative impact' on its financial projections, due to a downturn in risk appetite from retail clients as well as reduced corporate activity. Shares in XCAP are trading at an all time low of 2.625p, compared to its float price last year of 4.5p.

Tags: AIM market, Clarkson Capital Markets, Middle East, Peter Shea, XCAP

Sector: Financial Services

Companies: Daniel Stewart Securities

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