JPMorgan’s Cazenove business has overtaken Bank of America Merrill Lynch as the top broker to FTSE 100 companies, a boost for the company in its three-year battle with BAML for the number-one spot in the rankings.

Known as the Queen’s broker because of historical links to the UK royal family, JPMorgan Cazenove gained two FTSE 100 clients in the first quarter: Evraz, the steel maker, and Ferguson, the plumbing supplier. The new clients allowed it to overtake BAML, according to data from Adviser Rankings.