The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

E&Y highlights lack of UK corporate brokers

The uniquely British institution of the corporate broker is under threat, threatening to leave CFOs and finance directors without an independent source of advice, according to Ernst & Young.

The possible flotation of Lazards and the joint venture of Cazenove with JPMorgan alter the status of two of the biggest corporate brokers in the UK - Cazenove currently advises 41 and Lazards advises three of the FTSE 100.

Although many of the large banks do offer brokerage services to companies in the UK, including Merrill Lynch, UBS and ABN Amro (under the title Hoare Govett), many value the independence that houses such as Cazenove and Lazards offer.

Pearse Rutledge, Ernst & Young partner, said: "Nothing has fundamentally changed, a CFO still needs a trusted advisor. Who is left to provide a CFO or group treasurer with impartial and independent advice?"

All firms listed on the London Stock Exchange are obliged to have a broker to act as a sounding board for investors. In the rest of Europe and the US, many investment banks claim to provide the same service but fall short of the independence a brokerage provides.

As Tim Wise at Cazenove put it in CF's April 2004 issue: "A number of the US investment banks see the broking role as a launch pad to something else - there is a product drive.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree