One in every of UK’s oldest stockbrokers set to fall into palms of US rival
One of many UK’s oldest stockbrokers is about to fall into the palms of a US rival.
The sale of Charles Stanley, which was based in 1792, means a mammoth pay day for the Howard household who personal 38.2 per cent of the corporate.
Chairman Sir David Howard and his spouse Girl Valerie will stroll away with £64m whereas his brother John Howard will pocket £20m.
Sinking feeling: The sale of Charles Stanley, which was based in 1792, means a mammoth pay day for the Howard household who personal 38.2 per cent of the corporate
The agency, which is even older than blue-chip brokers Rothschild & Co and Schroders, has agreed to a £278m takeover by Florida-based Raymond James. The 515p-a-share supply is a 43.5 per cent premium to the share value on Wednesday. Shares in Charles Stanley, which listed on the London Inventory Trade in 1852, soared 42.8 per cent.
Sir David mentioned: ‘After I began in 1967, Charles Stanley was a tiny partnership, and it had little or no worth in its personal proper.
‘It break up off from a financial institution in Yorkshire that started in 1792, and its historical past as a member agency of the London Inventory Trade dates again to the 1850s. However till the Nineteen Sixties it remained very small. The plan is for us to stay a member agency and proceed to develop, however now as a part of the Raymond James group.’
Each boards have agreed to the deal and a 3rd of traders again the takeover. The agency will proceed to function beneath the Charles Stanley identify. David Howard and chief government Paul Abberley will maintain their jobs.