In the old days, the exploits of Panmure Gordon's corporate financiers hit the headlines more often than the achievements of its analysts. Analysis gained, however, as ex-breweries guru Tim Clarke became head of research in the 1980s.

Ironically, Clarke, 43, has become the ultimate corporate man by becoming Sir Ian Prosser's anointed as chief executive of Bass. He has been involved in a stream of restructuring deals at the company, and, no doubt, more deals will come to pass in due course. Touchingly, Panmure, now WestLB Panmure, remains one of its advisers.