JP Morgan may takeover alliance with Cazenove
22 Sep 2009
An alliance between the Queen's stockbroker and US investment bank JP Morgan may come to an end before February 2010.
The alliance, a 50-50 venture called JP Morgan Cazenove came into existence in 2005 with an agreement that provided for a full-scale takeover by American bank. The American bank could take over the joint venture by the end of the year, according to analysts.
Meanwhile, a spokesman has confirmed that talks had taken place and any decisions about the future will be made in the best interests of shareholders, clients and staff.
Anyalysts say that a prior agreement over price had to be reached before any decision could be taken and according to reports both parties are keen to agree on a deal earlier than the February deadline.
While JP Morgan is keen on preventing key Cazenove talent from leaving, executives at the blue-blooded stock broker are said to be looking for cashing in what has been a stellar year.
Chairman David Mayhew led JP Morgan Cazenove acts for a large number of FTSE 100 firms and has earned substantial fees from the recent share placings.
.webp)
