INDEPENDENT broker Oriel Securities yesterday appointed former JP Morgan Cazenove banker David Knox as its permanent chief executive. The firm’s co-founder Simon Bragg, who has been on a three month sabbatical, takes up a new role as chairman of corporate finance.
The move comes at the end of a week which also saw one of Oriel’s rivals, Canaccord, change its chief executive, with Alexis de Rosnay taking over from Mark Brown. The moves come as the sector gets to grips with reduced trading volumes and less corporate finance work.
Knox, who has been acting chief executive during Bragg’s absence, played down suggestions that the Oriel business, which is employee owned, would be looking for new capital.
“This business does not need new capital,” he said, before adding that there might be a case for new investment if it were to be used “for the purposes of growth.”
He said he hoped he “can be a dynamic force for good.”