JP Morgan’s incoming head of European cash equities nearly doubled his shareholding in Cazenove Group last year, meaning he will earn over £2m (€2.25m) more than if he had maintained his stake at its previous level.

Alan Carruthers, who was today named as the first head of Cazenove's and JP Morgan's combined European cash equities business, will receive more than £5m for his shares in the company, based on the valuation placed on JP Morgan Cazenove.