Panmure Gordon
Encyclopedia
Panmure Gordon & Co. is a British corporate and institutional stockbroker and investment bank. The firm operates in three businesses: investment banking, research and institutional sales and trading. Panmure Gordon has around 90 UK listed corporate clients, over 800 institutional clients, provides research on over 500 companies, makes markets in over 800 stocks and offers broad coverage from FTSE 100 to AIM and US growth stocks.
The firm is headquartered in London
at Moorgate
in the City of London
. Panmure Gordon also has offices in San Francisco, CA
, New York City
, NY
, Boston
, MA
, Chicago
, IL
, Minneapolis, MN
, Liverpool
, United Kingdom
and Nyon, Switzerland.
Employing more than 280 people, Panmure Gordon is led by chief executive, Tim Linacre, who has been with the firm for approaching 20 years.
In November 2011 the company announced a partnership with the New York
-based brokerage firm Auerbach Grayson
.
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. 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 AIM
.
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
. In March 2007 Panmure Gordon acquired ThinkEquity Partners, LLC
a US-based investment bank. In 2008, the Group acquired Quaker Securities, a small trading firm, based in Nyon
, Switzerland.
By 2007, Lazard had sold its remaining interest in the firm and amidst the Financial crisis of 2007–2009, Panmure Gordon instead raised capital from outside investors. In April 2009, the firm received a £17.3 million cash injection from BlueGem Capital Partners, a private equity firm. In August 2009, QInvest, the largest investment bank in Qatar, became a substantial shareholder in the business.
The firm is headquartered in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
at Moorgate
Moorgate
Moorgate was a postern in the London Wall originally built by the Romans. It was turned into a gate in the 15th century. Though the gate was demolished in 1762, the name survives as a major street in the City of London...
in the City of London
City of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
. Panmure Gordon also has offices in San Francisco, CA
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
, New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, NY
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
, MA
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
, Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
, IL
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
, Minneapolis, MN
Minnesota
Minnesota is a U.S. state located in the Midwestern United States. The twelfth largest state of the U.S., it is the twenty-first most populous, with 5.3 million residents. Minnesota was carved out of the eastern half of the Minnesota Territory and admitted to the Union as the thirty-second state...
, Liverpool
Liverpool
Liverpool is a city and metropolitan borough of Merseyside, England, along the eastern side of the Mersey Estuary. It was founded as a borough in 1207 and was granted city status in 1880...
, United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and Nyon, Switzerland.
Employing more than 280 people, Panmure Gordon is led by chief executive, Tim Linacre, who has been with the firm for approaching 20 years.
In November 2011 the company announced a partnership with the New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
-based brokerage firm Auerbach Grayson
Auerbach Grayson
Auerbach Grayson & Co is a New York-based stockbroker that deals predominantly in the equity of non-US based companies, catering to institutional investors...
.
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. 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.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
NationsBank
NationsBank was one of the largest banking corporations in the United States, based in Charlotte, North Carolina. In 1998, it acquired BankAmerica to become Bank of America.-Corporate history:...
(later part of Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
ending more than a century as an independent firm. The firm would be sold again in 1996 to the German bank WestLB
WestLB
WestLB AG is a European commercial bank based in Düsseldorf in Germany which is partly owned by the German state of North Rhine-Westphalia. The letters LB in the name stand for Landesbank. The Landesbanken are a group of state owned banks unique to Germany...
, 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
Lazard
Lazard Ltd is the parent company of Lazard Group LLC, a global, independent investment bank with approximately 2,300 employees in 42 cities across 27 countries throughout Europe, North America, Asia, Australia, Central and South America...
for the nominal amount of $18 million. 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 AIM
Alternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
.
In 2006, the firm entered into a joint venture with the Bank of Scotland
Bank of Scotland
The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the second oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to...
, known as Panmure Capital, that provided financing for companies that are close to an initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
on London's AIM
Alternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
. In March 2007 Panmure Gordon acquired ThinkEquity Partners, LLC
ThinkEquity Partners, LLC
ThinkEquity LLC is a U.S. investment banking firm based in San Francisco, California. ThinkEquity was founded in 2001 by Michael T. Moe and Deborah H. Quazzo as a growth focused research-centric investment bank. In April 2007, the firm was acquired by Panmure Gordon, a London-based investment bank...
a US-based investment bank. In 2008, the Group acquired Quaker Securities, a small trading firm, based in Nyon
Nyon
Nyon is a municipality in the district of Nyon in the canton of Vaud in Switzerland. It is located some 25 kilometers north east of Geneva's city centre, and since the 1970s it has become part of the Geneva metropolitan area. It lies on the shores of Lake Geneva, and is the seat of the district of...
, Switzerland.
By 2007, Lazard had sold its remaining interest in the firm and amidst the Financial crisis of 2007–2009, Panmure Gordon instead raised capital from outside investors. In April 2009, the firm received a £17.3 million cash injection from BlueGem Capital Partners, a private equity firm. In August 2009, QInvest, the largest investment bank in Qatar, became a substantial shareholder in the business.
External links
- Panmure Gordon (company website)
- Think Equity (subsidiary website)
- Quaker Securities (subsidiary website)
- 4 traders.com