City investment bank Numis is set to hire more investment bankers as it expands away from its traditional role on equity fundraising, which has slumped so far this year.

The bank's capital markets business tumbled by 61% to £27.7m in the six months to 31 March, as initial public offerings and other equity fundraising dried up. The fees it brought in from IPOs have tumbled by 81% and the bank has cut staff costs by 35% as it has reduced bonuses over the period.