TSB broker sale

TSB Group is selling Bell Lawrie White, its Edinburgh-based broking offshoot, with Brewin Dolphin in London tipped as the likely buyer. Other candidates to buy the firm are Gerrard Vivian Gray, the Holborn-based private client broker, and Leg & Mason of the US. Bell Lawrie's directors will be invited to take a stake in the eventual purchaser.

In a separate move, Bell Lawrie's research director, Thorold Mackie, is to appeal against his conviction for insider trading. Mackie was fined pounds 25,000 for passing on price- sensitive information to his colleagues on Bell Lawrie's trading desk. He has the backing of his employer and fellow investment analysts, who maintain they cannot do their jobs properly and comply with the law as it stands.