Cazenove share float is 'far away'
13 April 2012
HOPES of a share float for stockbroker Cazenove still seem far away, though markets are improving and it is winning new clients.
Internal deals value the firm at about £600m, half the price placed on it in a 2001 share issue. Now based in Moorgate in the City, Cazenove has dropped its rule that bonuses for top staff will be paid only if return on equity hits target.
Its bosses took pay cuts for the year to April, with chairman David Mayhew dropping from £520,000 to £348,000, and chief executive Robert Pickering going from £580,000 to £385,000. David Verey, who left last August, got £183,527 in his last year.
Total board pay fell from £3.9m to £2.7m. After tax and dividends, retained profits were just £1.5m.
