Strategic update
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Press release
Strategic update
New senior management team and acquisition of Whitman Howard
6 March 2020 – Panmure Gordon today announces a significant strategic update that will position the firm to meet the future needs of its clients and ensure its next stage of growth.
The key elements of which are:
– Rich Ricci appointed Chief Executive of Panmure Gordon
– Richard Morecombe appointed President and Executive Director
– Acquisition of Whitman Howard to enhance management team, client base and product offering
Rich Ricci brings exceptional experience as an investor and leader in financial services. His expertise in growing teams and businesses will be essential to the next stage in Panmure Gordon’s growth. Over the last 7 years he has been a cornerstone investor in a number of businesses including the successful IPO of Aquis Exchange as well as Chairman of Freemarket, a rapidly growing managed banking platform.
Richard Morecombe brings extensive experience founding and managing brokers that specialise in small and mid-cap companies. He co-founded Whitman Howard in 2011 and was part of the original management team at Numis, where he spent ten years in roles including Head of UK Equities as well as launching and overseeing their US business.
They will both be joining Panmure Gordon’s Board of Directors.
Whitman Howard is a boutique corporate broker that services a core client base of small and mid-cap companies. It will be fully integrated into Panmure Gordon, adding clients, a new business pipeline and highly experienced staff.
The transaction is expected to complete in the first half of 2020, subject to regulatory clearances.
Rich Ricci said: “I am delighted to be leading an organisation with Panmure Gordon’s heritage and potential. The acquisition of Whitman Howard and the addition of Richard Morecombe to the leadership team means we are exceptionally well placed for growth. We will have a strong client base with an exciting pipeline, a good team and a clear strategy. Richard’s and my focus is on ensuring Panmure Gordon is the leading broker for small and mid-cap companies in the UK and in selected strategic international markets.”
Richard Morecombe said: “Having spent part of my career at Panmure Gordon, I am delighted to now be returning. It has an exceptional brand and an impressive client list. I am pleased to have the opportunity of taking it to the next stage of its growth as we continue to develop our entrepreneurial culture, build on the brand of Panmure Gordon and make the most efficient use of our capital.”
Brian Saunders, Chairman of Panmure Gordon and Head of UK and Europe, Atlas Merchant Capital said: “On behalf of all of the shareholders, we are confident that these strategic developments represent an important step-change in Panmure Gordon’s growth prospects. Under Rich Ricci’s and Richard Morecombe’s leadership Panmure Gordon is well placed for future growth and meeting all of its client needs.”
