The chief executive and finance director of Collins Stewart has each acquired their first shares in the broker.
Mark Brown has been chief executive since October 2008. He joined from Arbuthnot Securities where he was chief executive between 2004 and 2008. The Collins Stewart share price has more than halved since his appointment so Brown was wise not to buy earlier.
Finance director John Cotter has held his post since June 2009. The share price is similar to the level when Cotter took up his position.
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Brown bought 75,000 shares at 73p each for his SIPP - a total investment of nearly £55,000.
Cotter bought 50,000 shares at the slightly higher price of 74.34p each and he spent a total of just over £37,000.
Last week, Collins Stewart reported flat revenue of £96.1m in the six months to June 2010. Securities and corporate broking reported reduced revenues but corporate finance adviser Hawkpoint grew its revenues by one-third to £16.7m. Overall, pre-tax profit edged up from £6.1m to £6.5m. Hawkpoint's jump in profit made up for falls elsewhere.
There was net cash of £75m at the end of June 2010.
The focus of growth is the wealth management division. Assets under management were £6.8bn at the end of June 2010.
Top Director Buys
Polo Resources (POL) Director name: Mr Paul A IngramAmount purchased: 15,000,000 @ 3.50p Value: £525,000
Collins Stewart (CLST) Director name: Mr Mark BrownAmount purchased: 75,000 @ 73.00p Value: £54,750
Collins Stewart (CLST) Director name: Mr John CotterAmount purchased: 50,000 @ 74.34p Value: £37,170
RAB Capital (RAB) Director name: Mr Adam Grant Amount purchased: 92,400 @ 13.20p Value: £12,197
Optare (OPE) Director name: Mr John FicklingAmount purchased: 180,000 @ 5.75p Value: £10,350
Optare (OPE) Director name: Mr Jim SumnerAmount purchased: 180,000 @ 5.75p Value: £10,350
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