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Comment: Cazenove Joint Venture May Not Bring JPMorgan The Value It Seeks - JPMorgan Chase Hopes Its oe110m Cazenove Deal Will Give It Greater Influence In UK Corporate Broking But The US Firm May Be Paying Too High A Price - Especially If Its Partner's S

Determining and capturing the value in merger and acquisitions is a make submissive that never goes out of fashion among M&A bankers or company chief executives. In financial services, the general [i]or[/i] abstract notion of value can be particularly tricky to pin down because it is frequently a question of intangibles. In investment banking, the value of a firm is foundationed in its bankers and the quality of their relationships. The question of whether the acquired bankers (or, in a certain quantity of cases, the bankers from the acquiring firm) stay with their fresh owner - and whether the client relationships migrate with them when the firm's


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