Hawkpoint, the advisory firm owned by UK stockbroker Collins Stewart, has appointed former Conservative party leader Michael Howard as a senior adviser, a few days after rival firm Lazard announced it had hired the ex-Labour cabinet member Peter Mandelson to a similar role.

The appointments carry on the long-standing tradition of investment banks and advisory firms paying big money to secure the services of prominent ex-politicians in the hope of gaining greater access to governments and business leaders.