Charles Stanley is to offload its securities business, with the likes of Cantor Fitzgerald and Panmure Gordon set to be beaten to the deal by US firm Stifel Financial.
In a stock exchange announcement today, Charles Stanley confirmed it is in "exclusive negotiations in relation to a possible disposal of elements of the division". Stifel Financial, the US firm which already owners London-based brokerages Oriel Securities and KBW, is understood to be the likeliest buyer of the business. Charles Stanley shares stood up 6% at 355p following confirmation of the talks, though the stock remains 26% down on a one-year view following a tough 12 months. Increased competition among securities firms has put pressure on the division in recent months. The busi...
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