As the Guy Naggar and Peter Klimt empire Dawnay Day is sold off by the men wearing black armbands at BDO Stoy Hayward, the broking business of Dawnay Day Lockhart has become the latest joint venture to buy itself out of the sprawling finance and property group.

Under the new name of Lockhart Securities, chief executive Rupert Baker and chief operating officer Emmanuel Valavanis will continue to run the institutional broker for European securities.