The European advisory boutique run by former Dresdner Kleinwort Wasserstein banker Tim Shacklock has recorded its first profit.

Gleacher Shacklock, which Shacklock founded in 2003, converted a £3.9m (€5.7m) loss into a profit of £360,000 in the 12 months to December 2004.

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Gleacher Shacklock makes first profit

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