Cenkos Securities, the AIM-listed broker set up by Andy Stewart, the former chairman of Collins Stewart, is expanding into Scotland and has snapped up three senior financiers from Brewin Dolphin, a rival.

Alan Stewart, who previously led Brewin Dolphin’s energy and natural resources team, Jon Fitzpatrick, an energy specialist, and Ken Fleming, who has developed significant international business across the industrial, financial and resources sectors, have joined from Brewin’s Glasgow office.

Cenkos’s Scottish outfit was set up in Edinburgh by Graeme Kemp, one of the company’s founders, with Stuart Lunn, formerly of Collins Stewart.

Andy Stewart said he was confident of opportunities in Scotland despite the economic downturn. “This is a highly successful team with over 50 years experience of working between Scotland and the City,” he said. “We are delighted that they have joined Cenkos as it creates one of the strongest capital market teams in Scotland and a force to be reckoned with.”

Cenkos, which was set up in 2003 and floated on the market in 2006, focuses on UK small- and medium-sized companies and investment funds, and has a corporate client base of more than 80 quoted companies, with a combined market capitalisation of about £10 billion. In the first six months of this year, Cenkos raised about £600m of funds for clients.

Stewart said he believed that Scotland would maintain its reputation as a centre of financial excellence despite recent problems with Royal Bank of Scotland and HBOS.

In its interim results this month, Cenkos saw profits before tax fall from £11.6m to £5.5m, but Stewart said he was confident of remaining profitable and capitalising on opportunities that might occur.

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