UK: What to look out for in the City's undergrowth.

UK: What to look out for in the City's undergrowth. - The City's small independent merchant banks have pursued very different strategies, and achieved very different results, say Andrew Loudon and Alistair Blair.

The City's small independent merchant banks have pursued very different strategies, and achieved very different results, say Andrew Loudon and Alistair Blair.

Independent merchant banks are rarer than they were. Of the big blue chips, only Schroders remains. But there has always been a healthy undergrowth of less ambitious merchant banks - some have done well, some have not.

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