Gouldens has advised financial services provider Collins Stewart Holdings on its £251m acquisition of rival UK institutional broker Tullett, ousting the company’s traditional adviser SJ Berwin and pushing its other main adviser Clifford Chance (CC) into a support role.

Gouldens has acted for Collins Stewart before but this deal is only the second transaction the firm has advised the holdings company on, after advising on its acquisition of Natwest’s private client business last year for £17m.