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Arden secures Pendragon account from OMS

Birmingham stockbroker Arden Partners yesterday secured its first corporate client after Nottingham-based car dealer Pendragon switched accounts from Old Mutual Securities.

Uncertainty over OMS's future as well as the strength of Arden's independent research, sales and corporate team are understood to have contributed to Pendragon's decision to move.

John Paterson, managing director of Arden, which only opened its doors at the start of last month, said Pendragon had "kicked our tyres fairly extensively" and sounded out its institutional investors before making up its mind.

"We are obviously delighted that Pendragon feel sufficiently comfortable with us" he said.

Arden's sector analyst Tim Richmond will take on the independent research role while corporate finance director Richard Day will provide financial advice.