For immediate release
CAZENOVE AND JPMORGAN TO CREATE LEADING UK INVESTMENT
BANK “JPMORGAN CAZENOVE”
Transaction will combine Cazenove’s investment banking business and JPMorgan’s
UK investment banking business in a jointly owned company
Transaction structure preserves Cazenove’s operational independence while
providing its clients with access to JPMorgan’s global network, capital strength
and broad capabilities
Cazenove to contribute its leading corporate broking, equities and corporate
finance businesses comprising approximately 750 employees and £50 million of
capital
JPMorgan to contribute to the partnership approximately 70 employees from its
UK corporate finance, M&A and equity and debt capital markets businesses and
£50 million of capital
In addition, Cazenove Group to receive £110 million from JPMorgan
Cazenove Group will retain its fund management business and make a capital
repayment of an estimated £340 million to its shareholders
Cazenove’s David Mayhew to be Chairman and Robert Pickering to be Chief
Executive
LONDON, 5 November 2004 – Cazenove Group plc and JPMorgan Chase & Co.
(NYSE: JPM) announced today that they have agreed to combine Cazenove’s
investment banking business and JPMorgan’s UK investment banking business in a
new company to be owned jointly. The partnership will provide investment banking
advice and services to clients in the United Kingdom and Ireland.
The partnership, which has been approved by the boards of directors of both
companies and is expected to take effect in the first quarter of 2005, is to be called
“JPMorgan Cazenove.” It will be one of the UK’s foremost investment banks, and on
a pro-forma basis for the first nine months of 2004 will be the market’s number one
corporate broker and M&A house and a leading provider of equity and debt for UK
companies.
JPMorgan Cazenove will have approximately 820 employees, including about 70 who
will move from JPMorgan. It will operate from Cazenove’s current headquarters in