Mar 6, 2020

Bob Diamond picks ex-colleague Ricci as Panmure chief

Bob Diamond has appointed his flamboyant former right-hand man at Barclays, Rich Ricci, as chief executive of Panmure Gordon, the lossmaking UK stockbroker he bought two years ago. London-based Panmure has also acquired small-cap broker Whitman Howard, founded by ex-Numis manager Richard Morecombe. Since working at Barclays he has invested in a number of financial start-ups and was chairman of currency exchange freemarketFX. Mr Ricci and Mr Morecombe now face the challenge of turning around Panmure's performance. Panmure is trying to reinvent itself as a "21st-century merchant bank" offering a broader range of services such as M&A advice and private capital raising in addition to trading and research. Mr Ricci replaces Ian Axe as Panmure's chief executive, who has "Resigned with immediate effect" after two years in the role, according to a separate announcement.

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