A spokesman at St Modwen says the company started to look for a new broker since the company believed HSBC was departing the mid-cap broking market.
HSBC has, however, denied this.
While St Modwens relationship with HSBC has ended, the property company has followed their former HSBC relationship manager, Heraclis Economides, over to his new firm, Bridgewell.
Economides joined Bridgewell in August from HSBC after a period of gardening leave.
St Modwen subsequently appointed Bridgewell as its sole broker last week (November 21).
Warner Estates and Gcap Media have also dropped HSBC this month for Bridgewell following Economides move.
Economides tells Finance Week: HSBC seems to go through various iterations of its strategy sometimes not wanting to be in broking, and then it will start investing in it again.
I believe they pitched for two or three accounts in competition with Bridgewell since I started here.