Arbuthnot Securities, the UK boutique investment bank, has poached a director from stockbroker Teather & Greenwood for a newly-created management role. It is the latest appointment in a drive to rebuild following a 20% cull in the workforce last year.

James Bishop will join at the end of his contract with Teather & Greenwood. Mark Brown, chief executive of Arbuthnot, said in an internal memo: "I am hopeful that it will not be too long before he is able to take up his position with us."