Xcap Securities has rebranded itself as Hume Capital Securities to reflect the name of its wealth management division.
In a statement to the stock exchange, the firm said: ‘This name change is part of the repositioning strategy adopted by the board last year and reflects the significant changes that have been made to the business over the past 12 months.
‘The new name aligns the two main aspects of Hume’s business, capital markets and wealth management where the focus is on an integrated solution for its clients.’
Xcap acquired Hume Capital in October 2012, the latter having been founded in 2007 by former Credit Suisse Private Bank global chief investment officer Nitin Parekh, who remains as the group’s chief executive.
In June last year the Financial Conduct Authority (FCA) fined Xcap £120,900 for failing to protect client money and assets adequately, the regulator’s first client asset case under its new penalty regime.
The fine represented 2% of Xcap’s average client money balance plus 0.2% of its average client asset balance over the period of the breaches.