Bob Diamond, the former Barclays chief executive now in charge of Panmure Gordon, has hired his former acolyte Rich Ricci to lead the broker.
As part of the shake-up, Panmure is acquiring Whitman Howard, an independent broking and investment banking business for an undisclosed sum.
Richard Morecombe of Whitman becomes president of Panmure. Ian Axe, also ex-Barclays, was the CEO of Panmure until today. He has left with immediate effect, amicably, sources insisted.
Diamond owns a chunk of Panmure, with the biggest stake held by the Qatari Investment Authority. The Qataris have a stake thought to be around 40%.
The move brings back together two of the biggest and most controversial names in British banking. It will be seen as a serious sign of intent by Panmure to become a major player in the City.
Panmure has been a famed name in the Square Mile for years, famously employing David Cameron’s father.
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.”
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. “
Ricci was famed as one of the biggest dealmakers in the City during his time at Barclays. With a big personality, vast pay and bright braces, he was an unmissable presence in the markets. He even named his racehorse Fatcatinthehat and entered it to Cheltenham.
However, his brand of swaggeringly well-paid banker fell deeply out of favour after the financial crisis. He exited the bank shortly after Diamond was replaced by Antony Jenkins and the bank was hit with a £290 million fine for rigging Libor. His departure was labelled by the bank as a retirement, although he was only 49.
