Vodafone Changes Primary City Brokers - Report

Vodafone is reported to have changed its city corporate brokers as the firm marks a definitive switch from acquisition based growth to consolidating its existing assets. The London Times newspaper is reporting that Vodafone dropped long-time brokers, Goldman Sachs and UBS in favour of JP Morgan Cazenove and Citigroup.

While Goldman Sachs and UBS will remain the brokers of choice for mergers and acquisitions, the firms stated goal of reducing the numbers of deals means that the brokers income from the Vodafone account will be slashed. The focus on organic growth required a review at how the company manages its relationship with its city investors, which is thought to be behind the changes.

The newspaper noted that the new brokers are Charles Harman at JPMorgan Cazenove and Nigel Mills, a City veteran who built his career at Hoare Govett, before defecting to Citigroup.

On the web: The Times

Posted to the site on 13th April 2009