JPMorgan Chase is set to take ownership of Cazenove, the 190-year-old stockbroker, in a £940m deal that will trigger bumper pay-outs for some of the City’s leading financiers.

The US investment bank, which entered a partnership with Cazenove five years ago, is in advanced talks to buy for 500p-525p per share the 50 per cent of a joint venture with the stockbroker it does not already own, people familiar with the situation said Sunday.