SA group buys Albert E Sharp

OLD MUTUAL, the South African-based retail financial group, confirmed the acquisition of Albert E Sharp, the Birmingham-based stockbroker, for pounds 40.75m, plus an additional performance-related payment of up to pounds 10m, payable in two or three tranches.

Albert E Sharp will be combined with Capel-Cure Myers, Old Mutual's existing private client broking business, to create a network with 27 branches and with almost 1,000 employees and pounds 10bn under management.

Albert E Sharp's corporate finance and institutional broking business will continue to trade as Albert E Sharp Securities, based in Birmingham.