Richard Wyatt, the executive chairman of Panmure Gordon, a UK-listed stockbroker, will step down from his role today in order to concentrate on the company’s private equity business, Panmure Capital.
Panmure Gordon and Bank of Scotland launched Panmure Capital as a joint venture in January of this year, targeting late-stage pre-IPO funding opportunities. Bank of Scotland also has an integrated finance team, which takes minority equity stakes through debt-funded packages.
Panmure Capital was not available to comment.
Panmure Gordon and Bank of Scotland committed £14.25 million (€21 million) each to the joint venture, an idea first proposed by Wyatt. Wyatt and Panmure Capital managing director Edward Forwood invested £1 million and £500,000 respectively in the venture, for a combined 5 percent stake.
Wyatt will remain on the board of Panmure Gordon as a non-executive director, with deputy chairman Charles Stonehill taking his place as executive chairman.
Wyatt began his career as a stockbroker at James Capel & Co in 1980 before founding Schroder Securities’ UK equity business in 1996, becoming head of Schroders Securities in 1999. He was then head of European equities and then chairman of equity capital markets at Schroder Salomon Smith Barney following the takeover of Schroders by Citigroup in 2000, before leaving the company in 2003.
Between 2001 and 2003, Wyatt was a member of the regulatory decisions committee of the Financial Services Authority. In early 2004, he became chairman of Panmure Gordon, a managing director of Lazard and chairman of Lazard Capital Markets.