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Cazenove closes India operations

Our Bureau

BANGALORE, Nov. 29

BRITISH brokerage house Cazenove Group has decided to close shop in India blaming the downturn in the market.

The brokerages Indian operations, under the banner Cazenove India (Holdings) Pvt Ltd, would cease operation from Thursday, a top Cazenove official said. Cazenoves exit would render 22 employees jobless 18 in India, three in London and one in Singapore.

Cazenove is the third foreign brokerage to exit India in this month. Earlier, the equity research and institutional brokerage business of French bank BNP Paribas announced its exit along with WI Carr, the equity research arm of Credit Agricole Suez.

Cazenove had earlier sold off its stake in its joint venture asset management arm, Cazenove-Cholamandalam, to the Indian partner in May. Cazenove sold off 49 lakh equity shares in Cholamandalam Cazenove AMC to Cholamandalam Investment and Finance Ltd, an d 245,00 shares in Cholamandalam-Cazenove Trustee Co, mapping its exit from the asset management space.