PANMURE Gordon's chief executive is to step down after the takeover of the City stockbroker by a consortium that includes Bob Diamond, with a former Barclays banker taking his place. Patric Johnson will quit after the completion of the acquisition by former Barclays boss Mr Diamond's private equity firm Atlas Merchant Capital, alongside Qatari bank QInvest. Mr Johnson will be replaced by Ian Axe, who was group chief executive of clearing house LCH Clearnet, and previously held multiple senior roles at Barclays, including global head of operations and chief operating officer for both the investment bank and wealth management in Europe.
"Patric took on the role of CEO at a singularly difficult time for the company," said Andrew Adcock, chairman of Panmure Gordon.His broad understanding of and experience in the investment banking industry enabled him to provide a clear focus on returning the business to profitability and by applying determination, energy and enthusiasm achieved this result in a remarkably short period of time."
The takeover, which will see Panmure delisted from the London market and taken private, values the company at £15.5 million and represented a 68 per cent premium to its market value just before the deal broke. The move marks a comeback for Mr Diamond, who quit Barclays after the bank's £290m Libor-rigging settlement in 2012, a year after Mr Axe left the firm. Matthew Hansen, head of UK and Europe for Atlas, said his company would look to "build upon Panmure Gordon's existing strengths, to broaden the scope of its business and to create a high-quality boutique investment bank".
"We are particularly pleased that Ian Axe will be responsible for this next chapter in Panmure Gordon's venerable history, given his impressive track record."
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