UK wealth manager Brooks Macdonald Group plc is working with its investment bank as a defence adviser amid takeover interest, according to reports.
Shares jumped 8.8% to 1,795p on the Reuters report.
Investment bank Raymond James has a longer-term mandate to give financial advice to Brooks Macdonald, but this recently developed into defence strategy, the news agency said, citing "three people familiar with the matter".
It added that it is unclear whether any approaches have been made, and that both Brooks Macdonald and Raymond James declined to comment.
Based in St Petersburg, Florida, investment bank and wealth manager Raymond James last year bought London-based wealth manager Charles Stanley for £279 million.