Michael Wade, chief executive of investment vehicle The Rostrum Group, will have raised the hackles of many at Lloyd's with his suggestion that the largest quoted managing agents should merge. He argued that a Lloyd's insurer with a market capitalisation of more than £3bn would be a "must-have" item on institutional investors' shopping lists. Such an idea is not new, and would be a near impossible feat to accomplish given market politics and huge egos.
Heath Lambert looks set for some difficult times ahead. The broker is in the throes of a radical restructuring that could lead to parts of the business being sold off. Embattled chief executive David Margrett has gone, leaving executive chairman Ian Martin to lead the way. Plans to sell the company or float on the stock market were ditched. Martin has been coy about the new strategy, saying that he would be "scrutinising" parts of the portfolio. Look out for a Heath Lambert car boot sale in the coming months.
