JP Cazenove: Slice of good fortune

This week, Cazenove’s last partners vest the final tranche of the shares that they received when the UK stockbroking partnership incorporated in 2001. How have they done so far? First, let’s look at how much they have made. To do this, you need to take Caz’s £620m market capitalisation, based on the last trading price in September, then add the £530m of cash Caz has returned since incorporation, and the £80m fund management unit it spun out in 2005. So far then, returns total about £1.2bn in ca...