UK stockbroker Panmure Gordon has extended its securities services agreement with BNP Paribas Securities Services in London. The agreement was first signed in early 2005 when Panmure Gordon de-merged from Lazard.
The French bank says Panmure Gordon conducted a strategic review of its back-office and securities clearing activity and considered a move to self-clearing. “Our business is growing in terms of volume, IPOs and new markets,” says Nick Cook, Director of Operations at Panmure Gordon. “We looked at a self-clearing model for the UK together with a different International strategy in order to benchmark cost and service levels against what we believed to be the best-of-breed services provider for institutional broker-dealers. At this stage it looks that both strategically and commercially staying with BNP Paribas delivers benefits all round. BNP have shown great commitment to our business and welcome this opportunity to continue our successful relationship.”
Jason Nabi, Head of Financial Intermediaries UK at BNP Paribas, says the bank is glad o have kept the Panmure Gordon business. “We were able to demonstrate a total commitment to service and support of Panmure’s business,” he says. “Panmure’s growing IPO business and its growing status as a leading brokerage firm demands the best from its partners. BNP Paribas Securities Services is very pleased to keep the Panmure Gordon name on its client list and remains its most committed partner.”
Yvo van Amerongen – Head of Relationship Management at BNP Paribas – adds that the relationship management and client service teams at BNP Paribas have “delivered a level of support that is not seen from other service providers. Being flexible, taking a real partnership approach and depth of expertise across a wide range of functions is very difficult to replicate in-house.”