Panmure
Panmure Liberum is a London-based independent investment bank formed in 2024 by the merger of Panmure Gordon and Liberum. Backed by Atlas Merchant Capital, it provides corporate broking and research focused on UK small- and mid-cap companies.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 512M
- Actions
- 612M
- Ratings / Price targets
- 6 / 0
- Upgrades / Downgrades
- 4 / 2
- Buy-rated
- 60%of 5 rated
- On record
- Dec 2012 – Sep 2026
Overview
At the 2024 merger the combined research teams covered more than 580 stocks in the UK and Europe, including through research partnerships; the Panmure Liberum SAM systematic tool ranks 4,000 stocks globally. The firm publishes macroeconomic research by Simon French, its chief economist and head of research, and says banking, research, sales and execution operate as one team.
Harry Panmure Gordon founded the firm in London in 1876. NCNB, a forerunner of NationsBank, acquired it in 1987; WestLB bought it in 1996 and Lazard in 2004, and a 2005 reverse takeover of AIM-listed Durlacher made it independent again. QInvest and Atlas Merchant Capital took it private in 2017. In 2024 it merged with employee-owned Liberum, founded in 2007, to form Panmure Liberum under CEO Rich Ricci.
Milestones
- 1876
Harry Panmure Gordon founds the firm in London
- 1987
Acquired by NCNB, a forerunner of NationsBank
- 1996
Sold to WestLB
- 2005
Reverse takeover of AIM-listed Durlacher restores independence
- 2017
Taken private by QInvest and Atlas Merchant Capital
- 2024
Merges with Liberum to form Panmure Liberum
Firm facts
- Legal name
- Panmure Liberum Limited
- Type
- Boutique
- Founded
- 1876
- Headquarters
- London, United Kingdom
- CEO
- Rich Ricci
- Chief Economist & Head of Research
- Simon French
- Rating scale
- BuyHoldSell12 months
- Website
- panmureliberum.com
Research philosophy
Our goal is to produce thought-provoking research that helps our clients to make profitable investments.
As of 2026, Panmure Liberum covers companies of all sizes. It says analysts with experience across companies, sectors and regions can identify developments that a narrower focus might miss. Its approach combines sector expertise and financial modeling with access to company management, with an emphasis on independent analysis.
Rating methodology
Ratings are Buy (expected total shareholder return of +10% or more), Hold (−10% to +10%) and Sell (−10% or less) over 12 months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
| DNDNLMY | Sell | — |
| BMBMRRY | Hold | — |
| IQIQEPF | Buy | — |
| KNKNNNF | Buy | — |
| ONONTTF | Buy | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Sep 10 | DNDNLMY | Downgrade | Hold →Sell |
| Aug 24 | ONONTTF | Upgrade | Buy |
| Jul 16 | DNDNLMY | Upgrade | Sell →Hold |
| Jul 15 | BMBMRRY | Downgrade | Hold |
| Jul 13 | IQIQEPF | Upgrade | Buy |
| Jun 23 | KNKNNNF | Upgrade | Hold →Buy |
| Dec 16, 2020 |  Kosmos Energy Ltd.KOS | Reiterate | Buy |
| Apr 29, 2014 |  AstraZeneca PLCAZN | Upgrade | Hold →Buy |
| Apr 22, 2014 | GSGSK plcGSK | Upgrade | Hold →Buy |
| Nov 13, 2013 | AstraZeneca PLCAZN | Downgrade | Hold →Sell |
| Nov 12, 2013 | GSGSK plcGSK | Downgrade | Buy →Hold |
| Oct 28, 2013 |  Unilever PLCUL | Downgrade | Buy →Hold |