So is it Cazenove’s relationships and expertise, or JP Morgan’s balance sheet that has been the basis of the joint venture’s success? Judging by the valuation being placed on the business, Cazenove’s bankers seem to have convinced the US bank’s senior management that it was more the former and less the latter.

The timing of JP Morgan's buyout of the joint venture could not have come at a better time from Cazenove's point of view. After a year in which the firm has watched the mandate flood in, its bankers have been able to push for a generous valuation of the business, which according to some press reports has generated more than £500m (€560m) in revenues this year.