Anyway, just found this article. I guess now I have a pretty good idea. Thanks, anyway, people.
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Cazenove, one of the UK's last independent investment banks, is to join forces with US financial services giant JP Morgan Chase.
The two banks are planning a joint venture combining Cazenove's investment banking operations with JP Morgan's UK investment banking business.
Under the deal, JP Morgan will pay Cazenove �110m ($202m).
The new venture, called JP Morgan Cazenove, will be led by Cazenove chairman David Mayhew.
New player
The partnership, which the two banks aim to complete by March 2005, will allow Cazenove to maintain its operational independence, while giving it access to JP Morgan's global network.
Cazenove
Founded 1823
�251.4m ($452m) turnover in 2003/04
Helped finance UK railways and North Sea oil industry
Private clients include the Queen
In return, JP Morgan will gain a foothold in the lucrative UK corporate broking market, where Cazenove built its reputation.
JP Morgan Cazenove will be staffed by Cazenove's 750 existing investment banking employees - the bulk of its 1,000-strong workforce - plus about 70 JP Morgan bankers.
The new bank will be based in Cazenove's current headquarters in the City of London.
JP Morgan Chase
World's second biggest bank after Citigroup
$33.3bn revenues in 2003
Created by 2000 merger of JP Morgan and Chase Manhattan
Operates in more than 50 countries
Mr Mayhew said the tie-up would "enable us to continue to provide impartial advice whilst meeting the changing demands of our clients."
Bill Winters, joint head of JP Morgan's investment banking business, said it would "create a unique and valued offering for existing and new clients."
Takeover talk
Cazenove's fund management business, which handles some �7.6bn in assets, will remain separate.
Cazenove, already under pressure because of stiff competition from global investment banking giants, was hit hard by the stock market slump of 2000-2002.
The 181-year old bank, which provides stock broking services to the Queen, was forced to cancel plans for a stock market listing last year, and has since been the subject of takeover speculation.