With Donaldson, Lufkin & Jenrette spoken for, all eyes are on the remaining handful of heavyweight American global, national and regional players. Edward Jones, the eighth largest brokerage firm in the US, has often been mentioned as a potential takeover candidate in merger and acquisition circles. However, the privately held, Missouri-based broker insists there is not and will not be a 'For Sale' sign hanging over its door. Instead, the group is focusing on expanding its domestic as well as UK network of one-person brokerage branches.

'We have a very simple strategy - to be a distributor of third-party financial services and products, to offer advice and open as many one-person offices in as many locations as we can,' says David Otto, head of the research department located in St Louis. 'We are growing by 20% to 25% a year but we need to be a partnership to continue achieving our goals. We do not want to be worried about pleasing shareholders or showing good numbers to a parent company in order to get capital. If we had to take our eye off the ball, then we would fumble.'