Stockbroker Panmure Gordon has poached the head of rival Seymour Pierce to be its new chief executive.
Panmure will today tell the market that Philip Wale is being hired to replace Tim Linacre, who announced his resignation in December after a profit warning.
Wale is expected to leave Seymour Pierce at the end of next month. The former co-head of European equities at Goldman Sachs only joined Seymour in December 2010 but could not resist the job at Panmure, one of the City’s oldest stockbrokers.
“Philip Wale has done a fantastic job in terms of recruiting a strong team around him,” a source told City A.M. last night.
“He leaves on good terms and is looking forward to the challenge of Panmure.”
Staff at Seymour were told of Wale’s departure yesterday afternoon. The search for his replacement has begun and a shortlist of internal and external candidates is being drawn up.
Wale joins Panmure at a challenging time. It has suffered from a delay in a number of big investment banking deals which forced it to issue a profit warning in November 2011.
Both firms declined to comment and Linacre could not be reached.