Business Services Industry

British broadcaster drops stockbroker Cazenove.

Knight Ridder/Tribune Business News, December, 2004

Daily Mail, London Knight Ridder/Tribune Business News

Dec. 4--Blue-blooded stockbroker Cazenove lost its first FTSE 100 client since striking a joint venture with JP Morgan last month.

Broadcaster ITV is dropping Caz and Credit Suisse First Boston as corporate brokers and retaining Citigroup, Hoare Govett and UBS. It is the first review since it was created from the merger of Carlton and Granada.

ITV's move caps a poor autumn for Cazenove. Banking giant HSBC dropped it in favour of Goldman Sachs in October. Arla Foods deserted for Shore Capital this week.

But it did pick up the mandate to act as joint broker to newspaper publisher Trinity Mirror alongside Morgan Stanley.

Cazenove advises more than 40 of the FTSE 100...

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