Harry Panmure Gordon

Panmure Gordon

Company type	Private
Industry	Investment banking
Founded	1876
Founder	Harry Panmure Gordon
Fate	Merged with Liberum Capital to form Panmure Liberum (1 July 2024)
Headquarters	London , United Kingdom
Area served	United Kingdom, Europe, United States
Key people	Rich Ricci (CEO, 2020–2024)
Products	Investment banking, trading, research, sales
Number of employees	150
Parent	Ellsworthy Limited (from 2017)

Panmure Gordon was a British investment bank providing services in investment banking, trading, research, and sales throughout the UK, Europe, and the United States. On 1 July 2024, it combined operations with Liberum Capital to create Panmure Liberum.

Originally based in the City of London at 40 Gracechurch Street, the newly formed company moved its headquarters to Ropemaker Place, located at 25 Ropemaker Street. The firm employed approximately 150 staff members and was under the leadership of CEO Rich Ricci, who took the role in 2020.

In 2009, Qatar’s premier investment bank, QInvest, became a strategic stakeholder. Subsequently, in 2017, ownership transferred to Ellsworthy Limited, a company controlled by QInvest LLC along with a fund overseen by Atlas Merchant Capital LLC.

History

Established in 1876 by Harry Panmure Gordon as Gordon & Co., later renamed H. Panmure Gordon & Company, the business initially focused on debt issuance for overseas governments and earned a reputation for underwriting breweries in both Britain and America. It maintained a modest but influential position as a broker for foreign governments and largely avoided the consolidation trends of the 1960s and 1970s, acquiring only Windsor & Mabey in 1961.

In 1987, after more than a century of independence, it was purchased by NationsBank (which eventually became part of Bank of America). In 1996, Panmure Gordon was sold to German financial institution WestLB, during which time it faced challenges linked to WestLB’s financial troubles. The company changed hands again in 2004 when it was acquired by Lazard for $18 million. Lazard merged Panmure Gordon with brokerage Durlacher in 2005, reestablishing its independence while maintaining a 33% ownership; subsequently, Panmure Gordon was listed on London's AIM.

In 2006, Panmure Gordon entered into a partnership with Bank of Scotland through Panmure Capital to provide funding for firms preparing for an initial public offering on AIM. The following year it expanded its US presence by acquiring investment bank ThinkEquity Partners. Lazard divested its remaining shares by 2007.

Amid the 2008 financial crisis, Panmure Gordon secured additional funding from external investors, including a £17.3 million capital injection from BlueGem Capital Partners in 2009. Later that year, QInvest took a 47.1% ownership stake. By 2016, Mehmet Dalman’s Wealth Management Group had accumulated a 9% shareholding and was developing a recovery strategy for the company amid continuing difficulties.

Further reading

• H. Panmure Gordon. Land of the Almighty Dollar London: Frederick Warne & Co., 1892
• B. H. D. MacDermot. Panmure Gordon & Co., 1876-1976: a century of stockbroking, 1976