Stockbroking merger plans for wedding in March

Linklaters & Paines and Slaughter and May advised on both sides of the latest City stockbroking merger which created a leading new investment management house with around £3 billion funds under management.

The new firm, Quilter & Co, is expected to come into effect in March at the earliest, and will be dedicated to serving private clients, trusts and charities.

The City marriage brings together two long-established names, Quilter Goodison Company, with a history dating back to 1777, and Foster & Braithwaite, set up in 1825. Both are owned by major institutions which will retain shareholdings in the new company.

Linklaters corporate partner Jeremy Skinner advised Commercial Union Assurance Co, Quilter's owner. Slaughters partner William Underhill acted for Credit Commercial de France SA, owner of Foster & Braithwaite.

Commenting on the merger, Jonathan Smith, an assistant director of Charterhouse and a financial adviser to the merger, said: "There are a number of stockbrokers merging at the moment. It's driven by a desire for size.

"What we are seeing is consolidation in the industry, which is seeing increasing requirements for computer systems and of regulation."

John Vintcent, managing director of Foster & Braithwaite, becomes managing director of the new firm. He said both stockbrokers have similar values and cultures. "All our clients will benefit from our pooled resources," he added.