LONDON (Thomson Financial) - Stockbroker Numis Corp is in advanced talks to carve out the U.K.
equities business of Bear Stearns Companies Inc., the stricken American investment bank, The Times has been told.
Numis Securities, in which chairman Michael Spencer holds an 11 per cent stake, is understood to be looking to hire a team of about 25 staff from Bear, headed by Nicolo Brandolini dAdda, the co-head of European equities.
Although Bear has agreed to be bought by JP Morgan Chase & Co, European equity sales and trading is an area in which there is a high degree of overlap between the two U.S. banks, meaning that the new owner is expected to retain very few of Bear's stockbrokers. U.K. equities are thought to account for about one third of Bears European stockbroking revenues.
The AIM-listed Numis, which has 180 employees, said recently that it was 'determined to grow the business organically in a contra-cyclical fashion' and would 'exploit the volatility in the market to attract staff'.
Talks with Bear staff have been underway for several weeks, but on Friday details flashed up on Numis's internal messaging system.
By Anita Likus; email@example.com
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