A group of bankers at JP Morgan Cazenove is planning to launch an independent advisory boutique in the next few months, according to UK broking sources.

Cazenove, the UK's leading corporate broker with a reputation for impartial advice, combined its UK investment banking business in a joint venture with JP Morgan in February 2005. This prompted concerns that, by linking with a big integrated US bank, Cazenove would lose some of its unique ethos.