Robert Pickering, Cazenove's chief executive, confirmed that the plans for the float remained unchanged and that the firm was still working towards the original timescale.
The institutional shareholders, who bought a 9.2% stake in Cazenove for £100m in April 2001, are thought to be concerned that market conditions may deteriorate further next year and are now pushing for the proposed float to go ahead as planned.
The decision, however, is not without its critics. Some of the firm's younger partners are believed to be questionning the wisdom of floating in a bear market.
The Evening Standard reports that, despite the questionable appetite in the City for new issues, institutional shareholders still want to push ahead with Cazenove's planned £1bn float early in the new year.
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