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Cazenove to go public

Cazenove, one of the oldest and most powerful City firms is to become a public company after 177 years of private status.

The firm which acts as a broker for many of Britain’s biggest companies, will seek a £1.5bn flotation on the London Stock Exchange in 2002.

It hopes the move will raise capital so it can expand on the continent where it already earns more than a third of its broking commissions.

In preparation for the flotation,10 per cent of the company will be sold off next year and 20 per cent offered as share options to its 1,170 staff.

The decision to float on the stock market was agreed last weekend at the first ever meeting of the firm&#39s 80 partners.

Cazenove senior partner Mark Loveday says: “The move is evolutionary and will help us to continue to be independent, which is what we cherish most.”

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