Panmure Gordon

Last updated
Panmure Gordon
Company type Private
Industry Investment Banking
Founded1876;148 years ago (1876) [1]
FounderHarry Panmure Gordon
Headquarters London, United Kingdom
Key people
Rich Ricci, Chief Executive Officer, Richard Morecombe, President and Head of Equities
Products Investment Banking, Brokerage, Capital Markets, Institutional Equities, Investment Funds
Number of employees
over 100
Website www.panmure.com

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.

Contents

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]

Related Research Articles

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.

<span class="mw-page-title-main">Kohlberg Kravis Roberts</span> American investment manager

KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global investment company that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and, through its strategic partners, hedge funds. As of December 31, 2023, the firm had completed more than 730 private equity investments in portfolio companies with approximately $710 billion of total enterprise value. As of December 31, 2023, assets under management (AUM) and fee paying assets under management (FPAUM) were $553 billion and $446 billion, respectively.

<span class="mw-page-title-main">3i</span> British multinational private equity and venture capital company

3i Group plc is a British multinational private equity and venture capital company based in London, England. 3i is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

<span class="mw-page-title-main">Lazard</span> American investment bank

Lazard Inc. is a financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world's largest independent investment bank, with principal executive offices in New York City, Paris and London.

<span class="mw-page-title-main">TPG Inc.</span> American investment company

TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care. TPG became a public company in January 2022, trading on the NASDAQ under the ticker symbol “TPG”.

Cazenove was a British stockbroker and investment bank, founded in 1823 by Philip Cazenove. It was one of the UK's last independent investment banks and one of the last to remain a private partnership. The investment banking business entered into a joint venture with JPMorgan Chase in 2004, and the fund management business Cazenove Capital Management spun off in 2005. In 2009, JPMorgan Chase acquired the remainder of the investment banking business. Cazenove Capital Management was acquired by Schroders in 2013.

<span class="mw-page-title-main">Mediobanca</span> Italian investment bank

Mediobanca is an Italian investment bank founded in 1946 at the initiative of Raffaele Mattioli and Enrico Cuccia to facilitate the post-World War II reconstruction of Italian industry. Cuccia led Mediobanca from 1946 to 1982. Today, it is an international banking group with offices in Milan, Frankfurt, London, Madrid, Luxembourg, New York and Paris.

Waterford Wedgwood plc was an Irish holding company for a group of firms that specialized in the manufacture of high-quality porcelain, bone china and glass products, mostly for use as tableware or home decor. The group was dominated by Irish businessman Tony O'Reilly and his family, including his wife Chryss Goulandris and her family, with the two families together having invested hundreds of millions of euros in it. The group's financial record was mixed, and significant cost-cutting had been ongoing for many years.

ThinkEquity LLC is a U.S. investment banking firm focusing on performing IPO's, Secondaries, At-the-Market (ATM) programs, selected private placements, PIPEs, Debt Placements and M&A Advisory services.

J.C. Flowers & Co. is an American private equity investment firm, focused on investments in the financial services sector. The firm, founded in 2001, is based in New York City and run by billionaire J. Christopher Flowers, a former Goldman Sachs partner. As of 2017, the firm had invested more than $15 billion in capital.

<span class="mw-page-title-main">Macquarie Group</span> Australian investment bank and financial services company

Macquarie Group Limited, known more commonly as Macquarie Bank, is a global investment banking and financial services group providing banking, financial advisory and investment, and funds management services, to institutional, corporate, and retail clients and counterparties, around the world, headquartered in Sydney and listed in Australia. Macquarie Bank employs more than 20,000 staff across four operating groups in 34 markets and its Investment Banking division is Australia's top ranked mergers and acquisitions adviser with more than A$871 billion in assets under management and is the world's largest infrastructure asset manager.

<span class="mw-page-title-main">Private equity in the 2000s</span>

Private equity in the 2000s represents one of the major growth periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital expanded along parallel and interrelated tracks.

Guggenheim Partners, LLC is a global investment and advisory financial services firm that engages in investment banking, asset management, capital markets services, and insurance services.

<span class="mw-page-title-main">Boutique investment bank</span> Non-full service, specialized investment bank

A boutique investment bank is an investment bank that specializes in at least one aspect of investment banking, generally corporate finance, although some banks' strengths are retail in nature, such as Charles Schwab. Of those involved in corporate finance, capital raising, mergers and acquisitions and restructuring and reorganizations are their primary activities. Boutiques usually provide advisory and consulting services, but lack capacity to provide funding. After the Gramm–Leach–Bliley Act, investment banks have either had a retail deposit base or have had funding from overseas owners or from Wealth Management arms. Boutique banks on the other hand often turn to other banks to provide funding or deal directly with capital rich firms such as insurers to provide capital for deals.

<span class="mw-page-title-main">Rhône Group</span> Private equity firm

Rhône Group is a global private equity firm with approximately $11 billion of assets under management, specializing in mergers and acquisitions, leveraged buyouts, recapitalizations, and partnerships with particular focus on European and trans-Atlantic investments. Rhône also offers financial advisory services, strategic alliances, joint partnerships, and business valuation services. Rhone Group was listed in 2013 to 2014 by Preqin as the 'Most Consistent Performing Private Equity Fund Manager' based on both its multiple and IRR of all 3 funds in the top quartile ranking.

Elliott Investment Management L.P. is an American investment management firm. It is also one of the largest activist funds in the world.

Amanda Louise Staveley is a British business executive. She is notable chiefly for her connections with Middle Eastern investors. She helped a Saudi consortium take over Newcastle United in a deal completed in October 2021 and has joined the board of directors.

Mehmet Dalman is a Cypriot-British investment banker. He is the chairman of Welsh football club Cardiff City.

<span class="mw-page-title-main">Barclays</span> British multinational banking and financial services company

Barclays plc is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services.

<span class="mw-page-title-main">John Vogelstein</span> American businessman

John L. Vogelstein is an American business executive and financier. With Lionel Pincus, he co-founded the specialized financial services firm that became Warburg Pincus, and was its president and vice chairman from the late 1960s to 2002.

References

  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 . 21 May 2009. 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. ↑ "City dealmaker eyes Panmure Gordon bid". 6 August 2016.
  19. ↑ https://www.lse.co.uk/news/press-mehmet-dalman-fund-eyes-bid-for-panmure-gordon-sunday-times-6qg1pqly95ize2u.html [ bare URL ]
  20. ↑ https://www.fnlondon.com/articles/panmure-gordon-slips-to-16m-loss-under-former-barclays-dealmaking-boss-rich-ricci-20231006 [ bare URL ]

Further reading

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.