Lombard Street Research has been bought out from the Gerrard Group by its management for an undisclosed sum.

Negotiations to buy 46% of the company began before Old Mutual announced in January it was to spend £525m (€862m) acquiring Gerrard Group, said Professor Tim Congdon, Lombard Street founder. Talks were prompted by a bid from another institution to buy the specialist economic research house, which has a turnover of just under £2m (€3.18m) a year.