Morgan plans market return
Sunday 03 November 1996
DMG will activate its Stock Exchange membership next week as a precursor to full- scale trading in London equities. John Smith, head of UK equities, and Martin Rutherford, head of UK equity sales, joined DMG last week and plan to build a 75-strong team of analysts and salesmen.
The move back into equities is designed to coincide with the Deutsche Telekom float and will give DMG the opportunity to make a market in the shares of the German giant where DMG's parent, Deutsche Bank, is playing a pivotal role in the privatisation.
The building of a new equities business will be more gradual than the firm's last foray into the London market. Morgan Grenfell bought stockbroker Pember & Boyle and jobbers Pinchin Denny in the run up to Big Bang in 1986. However, the plans to build a significant equities business were undermined by the global stock market crash a year later.
By early 1988 the securities business was losing pounds 3m a month. When the decision was taken to close it completely in late 1988, the City was shocked by a move that symbolised the end of the greed culture which had developed during the Eighties.
DMG already has sizeable Continental presence in equities but it needs a London presence to allow it to provide a truly pan-European securities operation.
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