Collins Stewart has become the latest investment bank to target more business from sovereign wealth funds, which are playing an increasingly important role in the world’s financial markets, by hiring a former board member at German bank WestLB.

Collins Stewart said today in a statement it has recruited Robert Stein, previously responsible for corporate and investment banking, treasury, asset management and principal investments at WestLB until his departure last July, as a senior adviser reporting to its chief executive Joel Plasco.