Panmure investor appoints new member to broker’s board

Qatari firm QInvest has added its global head of asset management Ataf Ahmed to the Panmure board, the broker said in a statement on Monday. Ahmed replaces Caspar Warre, who resigned from the board in late July.

The board change is the latest personnel move at Panmure Gordon this year, and follows the exit of its chief executive and chairman in quick succession.

Chief executive Phillip Wale stepped down in February after nearly four years at the helm of Panmure. The firm appointed Patric Johnson, who was promoted from head of securities to deputy CEO in September 2015, to replace Wale

That came just a week after the stockbroker said that its chairman Ed Warner would be standing down after its annual general meeting in May

In March Panmure Gordon cut the fixed-income team it acquired last year after its acquisition of Charles Stanley In the same month, Panmure also dropped plans to grow the business, as part of broader staff and cost-cutting measures that will see the City stockbroker pull out of non-core areas following a tough set of results.

Ahmed, 42, was a director in the UBS Wealth Management Hedge Funds group in Zurich before joining QInvest.

Panmure Gordon chairman Andrew Adcock, said: “I am delighted to welcome Ataf to our Board. QInvest has been a very supportive major shareholder since August 2009, and Ataf will bring extensive knowledge and investment banking experience to our board.”

• This article also appeared on WSJ City, a made-for-mobile app that combines the best of the Wall Street Journal and Financial News, tailored for an audience in the City of London. Download here

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