Boutique investment banking firm Collins Stewart LLC (formerly C.E. Unterberg, Towbin) is the US arm of UK brokerage Collins Stewart plc. Serving more than 700 financial institutions and hedge funds, the company trades in and conducts research on US equities and derivatives. It also manages IPOs for technology and health care companies, makes markets in American Depositary Receipts, and trades foreign stocks and currency. Its research division focuses on the technology, health care, defense, and energy sectors. Collins Stewart has offices in New York City and San Francisco.