Broker sold

OLD MUTUAL, the South African insurance and investment company, has bought the UK stockbroker Albert E Sharp in a deal worth pounds 40m, according to press reports.

The Birmingham-based broker specialises in Midlands engineering and automotive firms, but it also has 13 branches, a substantial private client business and up to pounds 5bn of funds under management. Last December Old Mutual paid pounds 80m for another UK stockbroker, Capel-Cure Myers.

Old Mutual was unavailable for comment yesterday