- January 15, 2024
- Posted by: legaleseblogger
- Category: Related News
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Panmure Gordon and Liberum Merger to Create Largest London-Listed Companies Adviser
By Mark Kleinman, City editor @MarkKleinmanSky
Rich Ricci, the former Barclays executive, is set to lead the newly formed Panmure Liberum, the result of the merger of two significant brokers in the City, Panmure Gordon and Liberum. This mid-market investment bank will be announced this week as the largest adviser to London-listed companies, as reported by Sky News.
The merger is expected to see Rich Ricci becoming the chief executive of the combined entity, with Bidhi Bhoma, the current Liberum chief, taking on the role of deputy chief executive. The primary goal of this merger, subject to regulatory approval, is to create a potent force in mid-market investment banking, particularly during a period of downturn in public share sales.
Together, the merged entity will provide advisory services to 250 public companies and employ approximately 280 people. This partnership comes at a time of significant consolidation in the sector, with other notable mergers such as finnCap Cavendish and Cenkos forming Cavendish, and the acquisition of Numis Securities by Deutsche Bank.
This bold move is a significant initiative by Bob Diamond, the former Barclays chief executive, since his Atlas Merchant Capital acquired Panmure Gordon in 2018. It is expected that Atlas Merchant Capital will be the largest shareholder in the combined group.
The ongoing talks between Panmure and Liberum, which began months ago and were reported by The Sunday Times, have now materialized into a merger that aims to establish a dominant presence in the investment banking space. Both Panmure and Liberum incurred losses in 2022, in contrast to the previous year, when they witnessed growth due to capital-raisings by financially strained clients during the pandemic.
While there has been no official comment from either Panmure or Liberum, the merger is expected to bring about significant changes in the landscape of London-listed companies’ advisory services.
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