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| Winters, Mayhew and Pickering: Mayhew will chair the joint venture which, he claims, will add to Cazenove's "relevance". |
THE JOINT VENTURE between JPMorgan and Cazenove will reshape the investment banking landscape in the UK, the second biggest investment banking market in the world, regardless of whether it succeeds or fails.
The impact of the deal will be felt as soon as it becomes effective in the first quarter of 2005. Based on deals so far this year, the new company, with a market share of nearly 40%, would topple Goldman Sachs from the top of the UK M&A league table. The firm would also rise to the number three spot in European M&A, knocking Deutsche Bank out of the top 10. JPMorgan Cazenove would also become the number three in UK equity capital markets, with a market share of 11.5%, nudging Citigroup out of the top five.
Cazenove has close long-term advisory relationships with 43 of the top 100 quoted companies in the UK and 235 others. Cazenove's clients turn to it for advice they can trust and the bank's stability, independence, culture and the narrow focus of its business model have been its hallmark and strength for 181 years.