Cazenove India Holdings Pvt Ltd, the Indian arm of the UK-based investment banking outfit, has decided to wind up its Indian operations, lock, stock and barrel.
The financial entity, which has been in operation in India for the last two-and-a-half years, has taken the decision to close down its broking and related to it, its research activities in the country.
Till the time of going to press, no official confirmation was forthcoming from the company though a company official, responding to a request for comment in Bangalore has said earlier in the day "please wait for our official statement."
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The official refused to reveal his identity and even refused to identify the official spokesperson of the company.
According to information in market circles, the company has 18 employees working in India all of whom will be impacted by the decision to close down.
In India, Cazenove was largely involved in broking activities while it also received some mandates for merchant banking business in recent times.
Cazenove was incidentally among the last foreign broking outfits to enter India and set up its base here. However, the current global slowdown and the domestic situation in the capital markets has prompted many of the foreign brokerage outfits to shut down operations here.
Earlier this month, BNP Paribas and W I Carr announced shutting down their operations in India. The Securities and Exchange Board of India's crackdown on Credit Suisse First Boston (CSFB) was also another reason for prompting the hasty departure of the foreign institutional investors from the country.
Cazenove is a leading independent investment bank. Cazenove provides corporate finance advice, distributes securities and research and manages funds on behalf of a wide range of clients worldwide.
On April 30, 2001, the firm, which had been a partnership since its inception in 1823, got incorporated. It intends to seek a listing on the London Stock Exchange within 2 years. The investment banking division (Cazenove & Co Ltd) comprises the corporate finance and securities businesses and pursues a range of financial advisory mandates for existing and new clients.
It is the leading corporate broker in the UK and distributes equity through its offices around the world. The Fund Management (Cazenove Fund Management Ltd) division has approximately