Dolmen and BCP await approval on deal

Stockbroker Dolmen Butler Briscoe is to acquire the stockbroking division of rival BCP subject to regulatory approval.

The deal that will see BCP's dealers move to DBB, BCP's pension, property and fund/wealth management business, will not be affected.

BCP was founded in 1989 by David Cullen while the majority stakeholder in DBB is German insurance firm Munich Re.

Cullen said today: "The disposal of our stockbroking arm will allow BCP Asset Management to concentrate on our investment, property and pensions business."

Analysts believe more smaller stockbroking firms will try to consolidate their position after the reduction in private client business following the dotcom bust.