Bob Diamond appoints ex-Barclays colleague Rich Ricci to lead Panmure Gordon
Bob Diamond has hired his former right-hand man from his time at Barclays to head up loss-making stockbroker Panmure Gordon.
Diamond appointed Rich Ricci as chief executive of London-based Panmure, which he acquired two years ago.
The former Barclays boss will be reunited with 56-year-old American investment banker Ricci, who ran the old Barclays capital business with Jerry del Missier until stepping down in 2013 in the aftermath of the £290m Libor-rate rigging fine.
Since leaving Barclays, Ricci has invested in a number of financial startups and was chairman of Freemarket FX.
He replaces Ian Axe, who “resigned with immediate effect” according to a separate announcement.
The shake up has also seen Panmure buy small-cap broker Whitman Howard, founded by former Numis manager, Richard Morecombe.
It will add around 25 small and medium-sized corporate clients to Panmure’s existing 65, the Financial Times reported.
Morecombe will join as president in a bid to turn around the ailing company.
Panmure suffered losses of almost £24m in the first full year of Diamond’s ownership, which he bought for £15.5m through investment group Atlas Merchant Capital just over two years ago.
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.”
Morecombe added: “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. “