UK stockbroker Panmure Gordon will this summer had the reins of the business to former Goldman Sachs banker Philip Wale, in a move that will free up its current chief executive to work on strengthening the group's investment banking division.

Wale will start in the summer once he has been granted regulatory clearance and will also sit on the board. He started his career in convertible bonds, spending 10 years at Goldman Sachs in New York and London, where he was co-head of pan-European equities.