Collins Stewart has picked up its first FTSE 100 client in a further sign of smaller corporate brokers building a presence in a market traditionally dominated by bulge-bracket advisers.

Randgold Resources, an Africa-focused gold mining and exploration company with a market capitalisation of £5.5bn, has appointed Collins Stewart as its joint corporate broker alongside Bank of America Merrill Lynch. HSBC, which has advised Randgold since before it listed on the London Stock Exchange in 1997, remains the group's financial adviser.