A dynastic alliance

Tullett Prebon’s New York-based chief executive, Lou Scotto, is in a philosophical mood: “A merger is like a marriage. If it works, great; if not, it takes a lot of work to unwind it.” And in the broking world, the Tullett-Prebon merger was the equivalent of a major dynastic alliance.

Closing in October 2004, when Collins Stewart Tullett paid £132 million for Prebon Yamane, the deal combined the second and third top brokers (according to the 2004 Risk interdealer rankings) into a company that