An independent equities research house and broker launched by ex-Morgan Stanley trading managers has swiped a partner from Marshall Wace to ramp up its sales team, at a time when big-bank analysts attract criticism for too often getting it wrong and smaller firms look to offer an alternative.

London-based Olivetree Securities, which also has an office in New York, has appointed James Netherthorpe as chief operating officer and head of distribution - he will join the firm in October from hedge fund Marshall Wace.