Bank of Scotland snaps up 10% stake in broker Execution

BANK of Scotland has become the first outside investor in Execution, the stock broking business, after acquiring a near-10 per cent stake.

The investment, by the Edinburgh bank's corporate arm, values Execution at 100 million and comes as the group moves into the "next phase of development".

Set up in 2001 by founder and chief executive Nick Finegold, the firm has developed into one of the UK's leading specialist broking firms, with offices in London, New York and Hong Kong, servicing many of the world's biggest institutional investors.

Finegold, who started his career at Wood Mackenzie in 1987, said: "Support from the Bank of Scotland clearly demonstrates the attractions of our developing business model.

"Execution will continue its goal of delivering a range of high quality unconflicted services to our client base."

Mark Hammond, head of integrated finance at BOS Corporate, added: "We have watched Execution's impressive growth over the past couple of years and are delighted to now have the opportunity to get involved with the business at this very exciting stage of its development."

Execution is expanding beyond its core agency broking service. Recently, it has established a capital markets operation, which will provide issuers with access to Execution's extensive institutional client base. It has also launched a joint venture with research and polling firm YouGov.