By Annabelle Williams, City Wire
Panmure Gordon has appointed two new directors following a raft of changes during 2012.
The firm is one of London’s oldest stockbrokers and since 2009 has been 44%-owned by Qatari investment bank QInvest.
QInvest’s chief executive Tamim Al-Kawari has been given a spot on Panmure’s board with the aim of bringing ‘extensive Middle East knowledge and investment banking experience’ to the group, said Panmure Gordon chairman Ed Warner.
The group has also decided to appoint QInvest head of mergers and acquisitions Caspare Warr to the board, as the Qatari parent hopes to find areas of ‘strategic mutual benefit’ between the two businesses.
‘Panmure Gordon continues to make considerable progress. QInvest remains a long-term supporter of the firm and I look forward to working with my board colleagues on areas of strategic mutual benefit,’ Al-Kawari said.
In November last year head of Panmure’s investment bank Tim Linacre stepped down, and his resignation was followed by board directors Nader Shenouda and Asar Mashkoor. The firm also announced its return to the funds market with hires from Matrix.
The changes came some months after new chief executive officer Philip Wale was appointed. He oversaw Panmure’s swing back in to profit following a strategic overhaul that saw administrative costs slashed from £11.4 million to £8.7 million.