Charles Stanley Group, the stockbroker and financial services company, has announced its takeover of Edinburgh-based bond brokers, Sutherlands.Sutherlands, a privately owned brokerage specialising in bond research and institutional client trading, has offices in Edinburgh and London, and will “strengthen the [firm’s] presence in Scotland”, according to a statement made by Charles Stanley.
This will be the third new owner of the company since 2000, with HSBC, CCF Charterhouse Securities and ING all former proprietors. In 2002, it bought itself out of ING to become independent.
Sutherlands employs twelve staff in its Edinburgh office and eight in London, and has a turnover of £2.5 million. Profit before tax for 2003 was £13,765. Stanley said it hopes to make infrastructure savings. The purchase will be made with a £1.28 million cash payment and just over £1 million of redeemable loan notes and convertible bonds.
More on Structured Products
Product born in 1990s Japan's low yield environment set for global stage
Strict classification of structured products into 'complex' and 'non-complex' criticised
HNWs got burnt in the Lehman crisis and are still cautious over exposures
Lobby effort targets proposed concentration limits on collateral for non-cleared derivatives
Sign up for Risk.net email alerts
Sponsored video: MarketAxess
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.