Cazenove staff share record bonus pool
Staff at Cazenove, the UK stock broker, have shared a record bonus pool after a lucrative first year for their joint venture with US investment bank JP Morgan.
At least four senior salesmen were paid bonuses of more than 1m (€1.46m), according to sources, with compensation packages at the broker moving more into line with its US partner.
Senior Cazenove investment bankers are said to have earned similar bonuses. A source said: "Several people's expectations were more than exceeded."
JP Morgan Cazenove announced the bonuses on Wednesday, the same day that JP Morgan told its investment banking staff of their packages.
The group is estimated to have made commissions of about 150m last year. Revenues for the first nine months of 2005 were up 14% on the same period the year before. The broker is expected to announce full-year results in March.
Cazenove earned the largest fee in its history - more than 10m - in October for the 661m London listing of Kazakh copper producer Kazakhmys. It was also a bookrunner for the 355m flotation of UK satellite operator Inmarsat in June as well as a 238m secondary sale of its shares in October.
JP Morgan Cazenove came into operation last February and combines the UK investment banking operation of JP Morgan with Cazenove's businesses, except its fund management arm.
JP Morgan Cazenove declined to comment.