BOSTON Tucker Anthony Sutros share price jumped 15% Thursday, on reports that the Boston-based investment bank and brokerage was discussing a sale.
The New York Post reported Thursday that Tucker Anthony had hired Goldman Sachs Group Inc. to advise it on a sale, and had already sent out prospectuses. Royal Bank of Canada, which last year bought Minneapolis-based brokerage Dain Rauscher Wessels, and Wells Fargo & Co. were reported interested.
Representatives from Royal Bank of Canada and Wells Fargo declined to comment on the report. A spokeswoman from Tucker Anthony also declined to comment.
But both firms have expressed interest in expanding their brokerage activities in the United States. Wells Fargo is looking to mine more revenue from its insurance, investments, brokerage, and trust units. Currently those units contribute 16% to the bottom line, and Wells executives want to increase that to 25%
Tucker Anthony is one of the few midsize brokerages to remain independent.