M&S Jettisons Queen's broker

Marks & Spencer ended a 20-year relationship with Cazenove today after dropping the blue-blooded broker from its list of advisers.

Banking groups Citigroup and Morgan Stanley will serve as joint brokers after previously working with the retailer.

Morgan Stanley joined the M&S team when tycoon Philip Green approached the group about a takeover five years ago, while Citigroup was taken on in the wake of Stuart Rose’s appointment as chief executive in the summer of 2004.

Cazenove, which formed a joint venture with US investment bank JP Morgan Chase in November last year, has been broker for M&S since 1986.

Mr Rose said: “We have made this decision because we needed to simplify our advisory arrangements. We would like to thank Cazenove for the high level of commitment and skill they have shown to Marks & Spencer over many years.”

JPMorgan Cazenove acts as corporate broker for 40 of the FTSE 100 companies, as well as 92 firms in the FTSE 250 Index. Cazenove is the UK’s oldest independent stockbroker and is also broker to the Queen.