The document analyzes the challenges faced by the UK small/mid cap broking market, highlighting the pressures on traditional broking models. It discusses the positioning of various firms like Panmure, Peel Hunt, Stifel/Oriel, Liberum, Cenkos, Zeus, and Numis in response to these challenges. The document suggests that Panmure, despite its strong brand, needs restructuring to focus on corporate clients and reduce costs. It proposes a business combination with Westhouse to leverage the PG brand and improve profitability. The potential for expansion into private client wealth management is also noted.
documents/EFTA01115244.pdf
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