Qatari bank with largest stake in UK broker Panmure Gordon to review portfolio after Brexit vote
Qatari investment bank QInvest, the largest shareholder in UK-based stockbroker Panmure Gordon, will be “carefully reviewing and stress-testing” its portfolio after the Brexit vote.
The company today reported revenue of $65.7m (£50.6m) for the first half of 2016 – up from $53.7m in the same period in 2015. The firm’s net profit, meanwhile, came in at $25.3m, up from $24.4m.
Earlier this month, it emerged that WMG, a fund controlled by Cardiff City Football Club chairman Mehmet Dalman, had made an approach to QInvest over its 43.4 per cent stake in Panmure.
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And while QInvest has not commented on Panmure, it did confirm today that, “in light of significant headwinds around Brexit, Turkey and continued subdued oil prices, the firm has commenced a detailed review of its portfolio positioning and risk buffers to ensure value maximisation across all its exposures”.
The half-year report also said that the firm is “actively monitoring its credit investments in the UK, Europe and Turkey”.
“We recorded satisfactory half-year performance across all of our business lines in the face of economic uncertainties in different markets,” said Tamim Hamad Al-Kawari, chief executive of QInvest.
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“We remain committed to our strategy of investing within our risk parameters and offering our proprietary investment opportunities to shareholders and clients.
“We are now firmly in highly volatile market conditions in the UK, Europe and Turkey where a number of our investments are located.
“We will be carefully reviewing and stress-testing our portfolio to match the heightened volatility levels and headwinds that the markets are experiencing.”
Panmure Gordon reported a record £16.7m loss in 2015.