JP Morgan will take over Cazenove

US investment bank JP Morgan is fully to take over historic UK stockbroker Cazenove, according to press reports. JP Morgan is thought likely to pay about £1 bn ( $1.67 bn) for the 50 % of Cazenove it does not already own. In 2004 , JP Morgan and Cazenove agreed a joint venture in which they merged investment banking operations. The Financial Times said that Cazenove chairman David Mayhew, who joined the firm 40 years ago, would stay on and was likely to receive a windfall. Under the original agreement, JP Morgan had until February 2010 to exercise an option to buy out its partner. Cazenove, which traces its roots back to 1819 , is widely believed to be the banker to the British royal family.