Cazenove has hired Robert Constant from Lazard, making him the first banker to join his former boss, David Verey, who became deputy chairman at Cazenove last summer.

Verey was chairman at Lazard until May 2001 and resurfaced at Cazenove in July. Insiders speculated that Verey, who has been at Cazenove for several months, is beginning to trawl through Lazard to find suitable bankers to join the firm.