South African investment bank Investec has been the biggest beneficiary of Dresdner Kleinwort’s decision to pull out of the UK corporate broking market, winning 11 former clients of the German investment bank in a period when more and more companies are questioning their broking arrangements.

Investec, which focuses on mid-market companies in the FTSE 250, has had a number of high profile wins of ex-Dresdner clients since February, when the German bank, following its acquisition by Commerzbank, wrote to clients advising them of its decision to pull out of European cash equities sales and trading and European equity research.