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Cazenove & Co to float and boost IFA business

Cazenove Fund Managers is looking to use the company&#39s flotation to boost its presence in the UK IFA market.

Cazenove & Co, which is a partnership, said on Monday it will float on the London Stock Exchange by the end of 2002. It is expected to be valued at around £1.5bn.

The fund arm mainly manages institutional business but has a range of Oeics for the retail market. It will continue to target high-net-worth clients and is looking to increase its £13bn funds under management significantly.

CFM managing director Tim Steel insists the fund arm will retain its independence and Cazenove & Co is not looking for a buyer. The flotation will enable CFM to keep staff with share schemes and attract new talent.

Steel says: “On the retail front, the move from private to public will give us greater recognition. We will continue our focus on high-net-worth individuals but we do have a range of Oeics and investment funds and, hopefully, interest in these will grow.”

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