Noble, the Edinburgh-based banking group, has signalled its growth ambitions with the acquisition of small and mid-cap research specialist Clear Capital.

Noble, the Edinburgh-based banking group, has signalled its growth ambitions with the acquisition of small and mid-cap research specialist Clear Capital.

The acquired company's founder and managing director Nick Paulson-Ellis joins Noble as head of equities, in an expansion move that follows the recent management and staff buy-out at Noble and the sale of a 19% stake in the business to investment group Arch.

Noble said yesterday its aim was to develop as a "research-led investment bank, offering high-quality research, broking, investment banking and fund management services in the UK and overseas".

As a result of the acquisition, Noble will have nearly 30 analysts covering around 170 UK stocks across 10 sectors, and it hopes to increase both sectors and stock coverage going forward.

Clear Capital currently employs 18 staff in Mumbai through an Indian subsidiary, which Noble said would become an "integral part of its growth strategy", with coverage of Indian mid-cap stocks starting later this year.

Angus Macpherson, chief executive of Noble Group, said: "The combined equities business has the potential to grow rapidly under Nick's leadership both within the UK and internationally. Having a base to develop from in India offers exciting opportunities."