Investment bank mulls listing

Fox-Pitt Kelton Cochran Caronia Waller, the investment bank that specialises in financial services, is believed to be considering a public listing later this year.

The move would net millions of pounds for management, headed by the chief executive, Giles Fitzpatrick, and the private equity group JC Flowers, which led a buyout of the firm from the reinsurance giant Swiss Re in 2006.

In a sign of growing confidence in financial services, it's thought that the firm is seeking advice about a possible flotation, likely to be in London, although a New York listing remains possible.

In 2007, Fox-Pitt Kelton merged with Cochran Caronia Waller, a move that JC Flowers' founder, Christopher Flowers, said at the time created "one of the strongest financial services specialists in investment banking". Fox-Pitt Kelton was founded in 1971 by the British financiers Oliver Fox-Pitt and Robin Kelton. The group originally specialised in placing US bank and insurance equities with institutions in Europe. A spokesman for the group was unavailable for comment.