Panmure Gordon: Difference between revisions

Panmure Gordon
Company type	Private
Industrie	Investmentbanking
Gegründet	1876; 148 years ago
Gründer	Harry Panmure Gordon
Hauptsitz	London, United Kingdom
Key people	Rich Ricci, Chief Executive Officer, Richard Morecombe, President and Head of Equities
Produkte	Investment Banking, Brokerage, Capital Markets, Institutional Equities, Investment Funds
Number of employees	over 100
Website	www.panmure.com

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Panmure Gordon is a UK based investment bank. It provides a full range of services including investment banking, trading, research and sales with distribution to the UK, Europe and the US. Panmure Gordon has 150 UK listed corporate clients, over 400 institutional clients, provides research on over 200 companies, makes markets in over 400 stocks and offers broad coverage of publicly listed companies.

The firm is headquartered in the City of London at 40 Gracechurch Street.

Employing 150 people, Panmure Gordon is led by chief executive, Rich Ricci, who was appointed in 2020.

In 2009, Panmure Gordon welcomed QInvest, the leading investment bank in Qatar, as a strategic investor. In 2017 Panmure Gordon was acquired by Ellsworthy Limited, an entity owned and controlled by QInvest LLC and by a wholly owned subsidiary of a fund managed by Atlas Merchant Capital LLC.

History

The firm was founded in 1876 by Harry Panmure Gordon (1837-September 1, 1902) as Gordon & Co. and was subsequently renamed H. Panmure Gordon & Company. The firm's founder was a well-known member of the financial community in London and in 1892 H. Panmure Gordon wrote the book Land of the Almighty Dollar, a critical review of the U.S., particularly New York and Chicago.^[2] Panmure Gordon initially specialized in debt offerings for foreign governments. The firm also developed a reputation for conducting offerings for a large number of British and American breweries, including for the San Francisco Brewing Company in 1890.^[3]

The company remained a small but influential player, primarily acting as a broker for a number of foreign governments. However, the firm largely avoids the wave of consolidation in the 1960s and 1970s, making only one small acquisition with the purchase of Windsor & Mabey in 1961.

In 1987, the firm was acquired by NationsBank (later part of Bank of America ending more than a century as an independent firm. The firm would be sold again in 1996 to the German bank WestLB, however, the firm would languish as the overall bank experienced various issues in the late 1990s and early 2000s. As part of a major restructuring of the bank, Panmure Gordon was sold again in 2004 to Lazard for the nominal amount of $18 million.^[4]^[5]^[6] In February 2005, Lazard merged Panmure Gordon with a small listed brokerage firm, Durlacher, which had lost money trying to establish a venture funding business during the dot-com boom.^[7] The combination resulted in Panmure Gordon once again becoming an independent firm with Lazard retaining a 33% stake in the company which was listed on London's AIM.^[8]

In 2006, the firm entered into a joint venture with the Bank of Scotland, known as Panmure Capital, that provided financing for companies that are close to an initial public offering on London's AIM.^[9] In March 2007 Panmure Gordon acquired ThinkEquity Partners, LLC a US-based investment bank.^[10]

By 2007, Lazard had sold its remaining interest in the firm^[11] and amidst the Financial crisis of 2007–2009, Panmure Gordon instead raised capital from outside investors. In April, Panmure Gordon announced that it had received a £17.3 million cash injection from BlueGem Capital Partners, a private equity firm.^[12] However, subsequently a higher bidder emerged and on 6 August 2009 the company announced the completion of a sale of a 47.1% stake in the business to^[13] QInvest, the largest investment bank in Qatar.^[14]^[15]^[16]^[17] Per The Sunday Times, by 2016 London tycoon Mehmet Dalman's flagship investment bank Wealth Management Group ("WMG") was plotting a takeover of Panmure Gordon and had built up a 9% stake in it and had "hatched a turnaround plan for the struggling company".^[18]^[19]^[20]

References

^ "Panmure - Heritage". Archived from the original on 2015-09-07. Retrieved 2015-08-05.
^ Gordon's New-York Trip; A London Stock Exchange Member Writes a Book. The Land of the Almighty Dollar. New York Times, August 15, 1892
^ The history of foreign investment in the United States to 1914. 1989, p. 490
^ WestLB: Battling To Get Off The Ropes. BusinessWeek, February 9, 2004
^ Lazard strengthens broking arm with Panmure takeover^{[dead link]}, The Independent, January 8, 2004
^ Lazard puts Panmure Gordon to work. Financial News, February 2, 2004
^ Dot.coms sting Durlacher for £14m, in The Guardian, 1 March 2001
^ Panmure Gordon pair celebrate turnaround with Durlacher deal. The Independent, February 2, 2005
^ Lazard nets £40m as BoS buys into Panmure Gordon. The Times, January 14, 2006
^ Press Release: Panmure Gordon & Co. Announces Merger with ThinkEquity Partners Archived 2007-02-28 at the Wayback Machine
^ Lazard set to sell Panmure slice. Financial Times, May 8, 2007
^ Panmure Gordon secures future with BlueGem aid. The Times, April 16, 2009
^ "Regulatory Announcements". Archived from the original on 2012-02-14. Retrieved 2012-06-29.
^ Panmure Gordon Annual General Meeting Statement
^ Panmure Gordon to push into the Gulf as Qatar wins stake The Times, May 22, 2009
^ "Panmure Gordon sells 44pc stake to Qatar investment bank QInvest". The Daily Telegraph. Archived from the original on 2020-09-22.
^ QInvest buys 44% stake in 130-year old UK broking firm, Arabian Business, May 21, 2009
^ https://www.thetimes.com/business-money/markets/article/city-dealmaker-eyes-panmure-gordon-bid-9ttd3f6px ^{[bare URL]}
^ https://www.lse.co.uk/news/press-mehmet-dalman-fund-eyes-bid-for-panmure-gordon-sunday-times-6qg1pqly95ize2u.html ^{[bare URL]}
^ https://www.fnlondon.com/articles/panmure-gordon-slips-to-16m-loss-under-former-barclays-dealmaking-boss-rich-ricci-20231006 ^{[bare URL]}

External links

Official website

[1] "Panmure - Heritage". Archived from the original on 2015-09-07. Retrieved 2015-08-05.

[2] Gordon's New-York Trip; A London Stock Exchange Member Writes a Book. The Land of the Almighty Dollar. New York Times, August 15, 1892

[3] The history of foreign investment in the United States to 1914. 1989, p. 490

[4] WestLB: Battling To Get Off The Ropes. BusinessWeek, February 9, 2004

[5] Lazard strengthens broking arm with Panmure takeover^{[dead link]}, The Independent, January 8, 2004

[6] Lazard puts Panmure Gordon to work. Financial News, February 2, 2004

[7] Dot.coms sting Durlacher for £14m, in The Guardian, 1 March 2001

[8] Panmure Gordon pair celebrate turnaround with Durlacher deal. The Independent, February 2, 2005

[9] Lazard nets £40m as BoS buys into Panmure Gordon. The Times, January 14, 2006

[10] Press Release: Panmure Gordon & Co. Announces Merger with ThinkEquity Partners Archived 2007-02-28 at the Wayback Machine

[11] Lazard set to sell Panmure slice. Financial Times, May 8, 2007

[12] Panmure Gordon secures future with BlueGem aid. The Times, April 16, 2009

[13] "Regulatory Announcements". Archived from the original on 2012-02-14. Retrieved 2012-06-29.

[14] Panmure Gordon Annual General Meeting Statement

[15] Panmure Gordon to push into the Gulf as Qatar wins stake The Times, May 22, 2009

[16] "Panmure Gordon sells 44pc stake to Qatar investment bank QInvest". The Daily Telegraph. Archived from the original on 2020-09-22.

[17] QInvest buys 44% stake in 130-year old UK broking firm, Arabian Business, May 21, 2009

[18] ttps://www.thetimes.com/business-money/markets/article/city-dealmaker-eyes-panmure-gordon-bid-9ttd3f6px ^{[bare URL]}

[19] ttps://www.lse.co.uk/news/press-mehmet-dalman-fund-eyes-bid-for-panmure-gordon-sunday-times-6qg1pqly95ize2u.html ^{[bare URL]}

[20] ttps://www.fnlondon.com/articles/panmure-gordon-slips-to-16m-loss-under-former-barclays-dealmaking-boss-rich-ricci-20231006 ^{[bare URL]}

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@@ Line 2: / Line 2: @@
 {{Infobox company
 | name = Panmure Gordon
-| logo =
+| logo = Panmure Gordon.png
 | type = [[Private company|Private]]
 | founder = Harry Panmure Gordon
-| foundation = {{start date and age|1876}}<ref>{{Cite web |url=http://www.panmure.com/about-us/heritage/ |title=Archived copy |access-date=2015-08-05 |archive-date=2015-09-07 |archive-url=https://web.archive.org/web/20150907095321/http://www.panmure.com/about-us/heritage/ |url-status=dead }}</ref>
+| foundation = {{start date and age|1876}}<ref>{{Cite web |url=http://www.panmure.com/about-us/heritage/ |title=Panmure - Heritage |access-date=2015-08-05 |archive-date=2015-09-07 |archive-url=https://web.archive.org/web/20150907095321/http://www.panmure.com/about-us/heritage/ |url-status=dead }}</ref>
 | location = [[London]], [[United Kingdom]]
-| key_people = Rich Ricci, Chief Executive Officer,
+| key_people = Rich Ricci, Chief Executive Officer, Richard Morecombe, President and Head of Equities
-Richard Morecombe, President and Head of Equities
 | num_employees = over 100
 | industry = [[Investment Banking]]
 | products = [[Investment Banking]], [[Brokerage]], [[Capital Markets]], [[Institutional Equities]], [[Investment Funds]]
 | homepage = {{URL|www.panmure.com}}
+}}
-}}'''Panmure Gordon''' is a British corporate and institutional [[investment bank]]. The firm works with growth and mid-size companies. Its businesses are: investment banking, equities, including research and institutional sales and trading. Panmure Gordon has 150 UK listed corporate clients, over 400 institutional clients, provides research on over 200 companies, makes markets in over 400 stocks and offers broad coverage of publicly listed companies.
+'''Panmure Gordon''' is a UK based [[investment bank]]. It provides a full range of services including investment banking, trading, research and sales with distribution to the UK, Europe and the US. Panmure Gordon has 150 UK listed corporate clients, over 400 institutional clients, provides research on over 200 companies, makes markets in over 400 stocks and offers broad coverage of publicly listed companies.
-The firm is headquartered in the [[City of London]] at [[One New Change]].
+The firm is headquartered in the [[City of London]] at [[40 Gracechurch Street]].
 Employing 150 people, Panmure Gordon is led by chief executive, Rich Ricci, who was appointed in 2020.
-In 2009 Panmure Gordon welcomed QInvest, the leading investment bank in Qatar, as a strategic investor. In June 2012 the firm announced the disposal of its US business, ThinkEquity LLC, to management; in 2015 the company acquired Charles Stanley Securities; and in 2017 Panmure Gordon was acquired by Ellsworthy Limited, an entity owned and controlled by QInvest LLC and by a wholly owned subsidiary of a fund managed by Atlas Merchant Capital LLC.
+In 2009, Panmure Gordon welcomed QInvest, the leading investment bank in Qatar, as a strategic investor. In 2017 Panmure Gordon was acquired by Ellsworthy Limited, an entity owned and controlled by QInvest LLC and by a wholly owned subsidiary of a fund managed by Atlas Merchant Capital LLC.
 ==History==
@@ Line 26: / Line 26: @@
 The company remained a small but influential player, primarily acting as a broker for a number of foreign governments.  However, the firm largely avoids the wave of consolidation in the 1960s and 1970s, making only one small acquisition with the purchase of Windsor & Mabey in 1961.
-In 1987, the firm was acquired by [[NationsBank]] (later part of [[Bank of America]] ending more than a century as an independent firm.  The firm would be sold again in 1996 to the German bank [[WestLB]], however, the firm would languish as the overall bank experienced various issues in the late 1990s and early 2000s.  As part of a major restructuring of the bank, Panmure Gordon was sold again in 2004 to [[Lazard]] for the nominal amount of $18 million.<ref>[http://www.businessweek.com/magazine/content/04_06/b3869153_mz035.htm WestLB: Battling To Get Off The Ropes].  BusinessWeek, February 9, 2004</ref><ref>[https://www.independent.co.uk/news/business/news/lazard-strengthens-broking-arm-with-panmure-takeover-578473.html Lazard strengthens broking arm with Panmure takeover]{{dead link|date=August 2021|bot=medic}}{{cbignore|bot=medic}}, The Independent, January 8, 2004</ref><ref>[http://www.efinancialnews.com/story/2004-02-02/lazard-puts-panmure-gordon-to-work Lazard puts Panmure Gordon to work].  Financial News, February 2, 2004</ref>  In February 2005, Lazard merged Panmure Gordon with a small listed brokerage firm, Durlacher.  The combination resulted in Panmure Gordon once again becoming an independent firm with Lazard retaining a 33% stake in the company which was listed on London's [[Alternative Investment Market|AIM]].<ref>[https://www.independent.co.uk/news/business/news/panmure-gordon-pair-celebrate-turnaround-with-durlacher-deal-484015.html Panmure Gordon pair celebrate turnaround with Durlacher deal].  The Independent, February 2, 2005</ref>
+In 1987, the firm was acquired by [[NationsBank]] (later part of [[Bank of America]] ending more than a century as an independent firm.  The firm would be sold again in 1996 to the German bank [[WestLB]], however, the firm would languish as the overall bank experienced various issues in the late 1990s and early 2000s.  As part of a major restructuring of the bank, Panmure Gordon was sold again in 2004 to [[Lazard]] for the nominal amount of $18 million.<ref>[https://web.archive.org/web/20040203040108/http://www.businessweek.com/magazine/content/04_06/b3869153_mz035.htm WestLB: Battling To Get Off The Ropes].  BusinessWeek, February 9, 2004</ref><ref>[https://www.independent.co.uk/news/business/news/lazard-strengthens-broking-arm-with-panmure-takeover-578473.html Lazard strengthens broking arm with Panmure takeover]{{dead link|date=August 2021|bot=medic}}{{cbignore|bot=medic}}, The Independent, January 8, 2004</ref><ref>[http://www.efinancialnews.com/story/2004-02-02/lazard-puts-panmure-gordon-to-work Lazard puts Panmure Gordon to work].  Financial News, February 2, 2004</ref>  In February 2005, Lazard merged Panmure Gordon with a small listed brokerage firm, Durlacher, which had lost money trying to establish a venture funding business during the [[Dot-com bubble|dot-com boom]].<ref>[https://www.theguardian.com/media/2001/mar/01/newmedia.citynews1 ''Dot.coms sting Durlacher for £14m''], in ''The Guardian'', 1 March 2001</ref>  The combination resulted in Panmure Gordon once again becoming an independent firm with Lazard retaining a 33% stake in the company which was listed on London's [[Alternative Investment Market|AIM]].<ref>[https://www.independent.co.uk/news/business/news/panmure-gordon-pair-celebrate-turnaround-with-durlacher-deal-484015.html Panmure Gordon pair celebrate turnaround with Durlacher deal].  The Independent, February 2, 2005</ref>
 In 2006, the firm entered into a joint venture with the [[Bank of Scotland]], known as Panmure Capital, that provided financing for companies that are close to an [[initial public offering]] on London's [[Alternative Investment Market|AIM]].<ref>[http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article788208.ece Lazard nets £40m as BoS buys into Panmure Gordon].  The Times, January 14, 2006</ref>  In March 2007 Panmure Gordon acquired [[ThinkEquity Partners, LLC]] a US-based [[investment bank]].<ref>Press Release: [http://www.thinkequity.com/about/releases/panmure_022007.html Panmure Gordon & Co. Announces Merger with ThinkEquity Partners] {{webarchive|url=https://web.archive.org/web/20070228130542/http://www.thinkequity.com/about/releases/panmure_022007.html |date=2007-02-28 }}</ref>
-By 2007, Lazard had sold its remaining interest in the firm<ref>[http://ftalphaville.ft.com/blog/2007/05/08/4338/lazard-set-to-sell-panmure-slice/ Lazard set to sell Panmure slice].  Financial Times, May 8, 2007</ref> and amidst the [[Financial crisis of 2007–2009]], Panmure Gordon instead raised capital from outside investors.  In April, Panmure Gordon announced that it had received a £17.3 million cash injection from BlueGem Capital Partners, a private equity firm.<ref>[http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6101369.ece Panmure Gordon secures future with BlueGem aid]. The Times, April 16, 2009</ref>  However, subsequently a higher bidder emerged and on 6 August 2009 the company announced the completion of a sale of a 47.1% stake in the business to<ref>{{Cite web |url=http://www.panmure.com/InvestorRelations/CompanyAnnouncements.aspx |title=Archived copy |access-date=2012-06-29 |archive-url=https://web.archive.org/web/20120214154955/https://www.panmure.com/InvestorRelations/CompanyAnnouncements.aspx |archive-date=2012-02-14 |url-status=dead }}</ref> QInvest, the largest investment bank in Qatar.<ref>[http://www.advfn.com/p.php?pid=nmona&article=42943862&symbol=L%5EPMR Panmure Gordon Annual General Meeting Statement]</ref><ref>[http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6337488.ece Panmure Gordon to push into the Gulf as Qatar wins stake]  The Times, May 22, 2009</ref><ref>[https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5360085/Panmure-Gordon-sells-44pc-stake-to-Qatar-investment-bank-QInvest.html Panmure Gordon sells 44pc stake to Qatar investment bank QInvest]</ref><ref>[http://www.arabianbusiness.com/556346-qatar QInvest buys 44% stake in 130-year old UK broking firm], Arabian Business, May 21, 2009</ref>
+By 2007, Lazard had sold its remaining interest in the firm<ref>[http://ftalphaville.ft.com/blog/2007/05/08/4338/lazard-set-to-sell-panmure-slice/ Lazard set to sell Panmure slice].  Financial Times, May 8, 2007</ref> and amidst the [[Financial crisis of 2007–2009]], Panmure Gordon instead raised capital from outside investors.  In April, Panmure Gordon announced that it had received a £17.3 million cash injection from BlueGem Capital Partners, a private equity firm.<ref>[http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6101369.ece Panmure Gordon secures future with BlueGem aid]. The Times, April 16, 2009</ref>  However, subsequently a higher bidder emerged and on 6 August 2009 the company announced the completion of a sale of a 47.1% stake in the business to<ref>{{Cite web |url=http://www.panmure.com/InvestorRelations/CompanyAnnouncements.aspx |title=Regulatory Announcements |access-date=2012-06-29 |archive-url=https://web.archive.org/web/20120214154955/https://www.panmure.com/InvestorRelations/CompanyAnnouncements.aspx |archive-date=2012-02-14 |url-status=dead }}</ref> QInvest, the largest investment bank in Qatar.<ref>[http://www.advfn.com/p.php?pid=nmona&article=42943862&symbol=L%5EPMR Panmure Gordon Annual General Meeting Statement]</ref><ref>[http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6337488.ece Panmure Gordon to push into the Gulf as Qatar wins stake]  The Times, May 22, 2009</ref><ref>{{cite web |title=Panmure Gordon sells 44pc stake to Qatar investment bank QInvest |website=[[The Daily Telegraph]] |archive-url=https://web.archive.org/web/20200922090942/https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5360085/Panmure-Gordon-sells-44pc-stake-to-Qatar-investment-bank-QInvest.html |archive-date=2020-09-22 |url-status=live |url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5360085/Panmure-Gordon-sells-44pc-stake-to-Qatar-investment-bank-QInvest.html}}</ref><ref>[http://www.arabianbusiness.com/556346-qatar QInvest buys 44% stake in 130-year old UK broking firm], Arabian Business, May 21, 2009</ref>  Per [[The Sunday Times]], by 2016 London tycoon [[Mehmet Dalman]]'s flagship investment bank Wealth Management Group ("WMG") was plotting a takeover of Panmure Gordon and had built up a 9% stake in it and had "hatched a turnaround plan for the struggling company".<ref>https://www.thetimes.com/business-money/markets/article/city-dealmaker-eyes-panmure-gordon-bid-9ttd3f6px {{Bare URL inline|date=August 2024}}</ref><ref>https://www.lse.co.uk/news/press-mehmet-dalman-fund-eyes-bid-for-panmure-gordon-sunday-times-6qg1pqly95ize2u.html {{Bare URL inline|date=August 2024}}</ref><ref>https://www.fnlondon.com/articles/panmure-gordon-slips-to-16m-loss-under-former-barclays-dealmaking-boss-rich-ricci-20231006 {{Bare URL inline|date=August 2024}}</ref>
-The broker is known for its close connection with the family of [[David Cameron]], the former [[British Prime Minister]], whose father, grandfather and great-grandfather were all senior partners in the company.
 ==References==
@@ Line 50: / Line 48: @@
 [[Category:Banks established in 1876]]
 [[Category:Investment banks]]
-[[Category:Banks of the United Kingdom]]
+[[Category:Investment banks in the United Kingdom]]
 [[Category:Financial services companies based in the City of London]]
 [[Category:Brokerage firms]]

Revision as of 17:19, 26 August 2024

History

References

Further reading

External links