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REFILE-Collins Stewart hires team from Dresdner Kleinwort

Wed Jun 4, 2008 10:14am EDT

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(Corrects day in second paragraph to Wednesday)

LONDON, June 4 (Reuters) - British broker and investment bank Collins Stewart Plc (CLST.L) hired a 13-strong team from Dresdner Kleinwort, the investment banking arm of German insurer Allianz SE (ALVG.DE).

The team will provide services ranging from sales and market-making to research, corporate finance and advisory, Collins Stewart said on Wednesday.

"This team is the most experienced ... in the market and is a major addition to our business," said Joel Plasco, chief executive of Collins Stewart.

Dresdner Kleinwort is part of Dresdner Bank, which last month posted a first-quarter operating loss of 453 million euros ($706.6 million).

Allianz plans to split Dresdner Bank into two legally separate business segments -- one serving private and corporate clients and the other including its Dresdner Kleinwort investment banking activities -- by the end of the year.

Europe's biggest insurer said on May 21 it is gauging appetite for Dresdner Bank as the German banking market finally appears to be ready for consolidation. (Reporting by Olesya Dmitracova; Editing by David Holmes)



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