Independent investment bank Liberum Capital has hired a significant number of staff from rival Espirito Santo Investment Bank in a move that reflects the consolidation at play across the mid-cap broking sector.

Liberum this week launched a raid on rival Espirito Santo, hiring staff across corporate broking, research and sales, according to six sources familiar with the situation. The total number of hires could be as high as 15, according to two of those sources.