Charles Stanley confirms talks to sell securities arm

Broker Charles Stanley says it has entered into exclusive negotiations to sell its securities arm.The company was responding to press speculation earlier in the day regarding a possible transaction.According to sources cited by Sky News's Mark Kleinman US broker Stifel Financial's bid was the most likely to be successful.The St. Louis-based broker already owns KBW and Oriel Securities.An announcement was possible as early as Tuesday, Kleiman wrote.Panmure Gordon was also said to have submitted an offer, possibly as well as Cantor Fitzgerald.As of 12:38 shares in Charles Stanley were higher by 4.7% to reach 15.75p.