Additional information

Overview:

On 4 January 2010, J.P. Morgan acquired Cazenove Group Limited and thereby 100% ownership of J.P. Morgan Cazenove.

J.P. Morgan Cazenove is one of the UK's leading investment banks. It combines innovative and impartial advice with a broad range of capabilities and proven execution skills.

History:

The origins of Cazenove can be traced to the early Huguenot financiers who left France for Geneva in the late seventeenth century after the Revocation of the Edict of Nantes in 1685. In time, a number of the Huguenots left Geneva for the UK; amongst those leaving to seek wealth and freedom in the City of London were members of the Cazenove family.

In 1819 Philip Cazenove first joined the business of his brother-in-law John Menet; in 1823 they became partners, and the beginnings of the firm of Cazenove can be identified. John Menet died in 1835 and Philip went into partnership with Joseph Laurence and Charles Pearce, before branching out on his own and then forming a new partnership in 1854 with his son and nephew.

Involved in such exotic new issues as His Highness the Nizam's State Railway Company and the rather more mundane Metropolitan Sewage and Essex Reclamation Company, his business prospered. It was in the mid 1930s that the business first reached its position as one of the City of London's pre-eminent stockbroking partnerships.

In the 1980s, Cazenove played an important part in most of the British Government's privatisation issues. In the turbulent period of "Big Bang" in the mid 1980s, which revolutionised the workings of the City, Cazenove retained its independence. Throughout the 1980s and 1990s it successfully expanded its business, both domestically and internationally.

The firm incorporated in April 2001, raising equity and debt finance from some of the leading institutional investors in the UK. During 2002, it opened offices in Frankfurt, Paris and Beijing and began the restructuring of its fund management business. In the UK, it continued to extend its competence and market share in the M&A, financial advisory and equities businesses.

On 5 November 2004, Cazenove announced that it would combine its investment banking business with J.P. Morgan's UK investment banking business in a new company to be owned jointly and called J.P. Morgan Cazenove. This transaction creates a leading UK investment bank which combines innovative and impartial advice with a broad range of capabilities and proven execution skills. Cazenove Group Limited is incorporated in Jersey.

On 30 December 2005, Cazenove completed the demerger of Cazenove Capital Management, thereby creating an independent asset management business.

On 31 January 2009, J.P. Morgan Cazenove completed the sale of its Asian business, Cazenove Asia, to a subsidiary of Standard Chartered PLC, Standard Chartered Bank (Hong Kong) Limited.

On 19 November 2009, Cazenove and J.P. Morgan announced that they had reached an agreement on the terms of a transaction which, subject to an approval by Cazenove Shareholders, will result in the J.P. Morgan Group acquiring Cazenove and thereby taking its effective ownership to 100 per cent of J.P. Morgan Cazenove. The terms of the Transaction value Cazenove at £1,007 million (equivalent to £5.35 per Cazenove Ordinary Share) and place an implied valuation on J.P. Morgan Cazenove of approximately £2 billion.

On 4 January 2010, J.P. Morgan acquired all Cazenove Group Limited shares and thereby became 100% owner of J.P. Morgan Cazenove.

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