Wale joins Panmure

The stockbroker Panmure Gordon has poached Phillip Wale from City rival Seymour Pierce as its new chief executive.

Mr Wale is expected to join the firm in July when its current chief executive Tim Linacre will move sideways to become the chairman of investment banking.

Ed Warner, Panmure's chairman, said he was delighted to have secured Mr Wale. "With a strong background in the investment industry, he brings the right mix of broking knowledge and leadership experience to the role," he said.