UK stocks group goes on Bear hunt

28 April 2008

City stockbroking group Numis Securities is looking to buy up a part of the stricken investment bank Bear Stearns, the Times reports.

According to anonymous sources cited by the newspaper, the group - which has UK billionaire Michael Spencer as a major stakeholder - is in "advanced talks" with the Wall Street institution about taking over part of its equities division.

Following Bear's near-collapse last month, the bank was itself taken over by rivals JP Morgan - which already has a flourishing equities wing.

Therefore, it is anticipated that few of Bear's stockbrokers will be retained in the long-term - opening the door for Numis to lure them elsewhere.

Recent comments from the group have also suggested that it would be looking for such acquisition opportunities in the current financial climate.

"[We are] determined to grow the business organically in a contra-cyclical fashion [and will] exploit the volatility in the market to attract staff," the firm said in a statement.

Numis is understood to be looking to acquire a team of 25 from Bear and form a new division to be headed by the bank's current co-head of European equities Nicolo Brandolini d'Adda.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development