Business Services Industry
News & Analysis: Strategies, Products & Mandates News - Cazenove Fund Management up for grabs.(Brief Article)
Financial Times Mandate, October, 2004
The fate of Cazenove's fund management business appears to be hanging in the balance, following news that JPMorgan Chase is to buy half of the blue- blooded London firm's investment banking business.
The proposed deal would see JPMorgan take a 50 per cent share of Cazenove's coveted broking operation for an estimated - and some believe rather paltry - GBP100m (e145m), but Cazenove Fund Management would be left out in the cold.
The GBP7.3bn asset management arm has been attempting to reposition itself as a "specialist in UK and European equities, with some fixed income", said director of corporate communications Kate Bolsover.
Under chief executive Andrew Ross, the firm recently shut down its global opportunities fund after dismal performance...
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