City File: Oceans Wilson

FANCY A simultaneous punt on Brazil and on one of London's soundest and most secretive banking empires? Then take a look at Oceans Wilson, which combines a flourishing tugboat business in Brazil with an investment portfolio which includes blue chips and shares in many companies associated with the late Sir Walter Salomon of Rea Brothers. The shares were suspended last Friday at 83p in preparation for going offshore to Bermuda, though the London quote will be retained.

The move is perfectly legit because it will avoid double taxation estimated at pounds 146,000 a year and enables Oceans to pay dividends gross to overseas investors. It is also part of a wider strategy by which Sir Walter's son William and his brother-in- law Anthony Townsend are simplifying the complicated interlocking share structure left by Sir Walter. The tidying process could benefit Oceans Wilson, likely to absorb a trading company, Stocklake, which is also within the group's ambit. Thanks to interlocking shareholdings, Oceans Wilson could also benefit from young Salomon's cautiously expansive strategy in corporate finance and portfolio management.