Collins Stewart Wealth Management, a division of the UK broker, admitted that it had been preoccupied with two client manager acquisitions, after registering a 64% drop in net new money during the first half of this year.

Neil Darke, head of Collins Stewart Wealth Management, told Financial News that organic inflows of £66m (€79m) for the first half of the year, down from £182m during the same period last year were "disappointing".