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Significant step forward for Panmure Gordon with II/Extel 2020 success

The 2020 II/Extel results mark a significant stride forward in our recognition as a leading player in our area of the market.

We are now ranked 4th for UK Small & Mid Cap Research as voted for by our buy-side clients, up from 11th last year and overtaking Liberum among other high-profile competitors.

These results are a welcome validation of our investment in Research and relentless focus on the quality of our product. But there remains much to go for, as we continue to develop a platform of market-leading authority to help drive our overall investment banking business.

The Extel survey (now combined with leading competitor Institutional Investor) has long been recognised by both corporates and investors as our industry’s most authoritative independent benchmark of the quality and commercial impact of our research.

Key highlights in sector votes include 2nd place positions in Real EstateStrategy and the new sector of New Energy & Clean Tech, with Top 5 rankings retained in Metals & Mining (3rd) and Insurance (4th) and now, importantly, gained in Financials (5th). Our 6th placed results in TechnologyLeisure and Oil & Gas are also worthy of note.

In the individual results, top rankings achieved by Miranda Cockburn (1st place in Real Estate) and Simon French (2nd place in Strategy) are deserved reflections of their deep client traction, with high accolades also earned by Sanjay Jha and Lacie Midgley in New Energy & Clean Tech (respectively 2nd and 3rd placed) and Ming Zhu with her climb to 3rd place in Insurance. Peter McNally’s officially designated “Runner Up” place is a further notable result in the highly-competitive Technology sector.

Other individuals earning rankings worthy of mention include Barrie Cornes (#4 again in Insurance), Lena Thakkar (#5 in Leisure), Colin Smith (#6 in Oil & Gas), Rae Maile and Phil Dobbin both making the Top 10 in the crowded Financials field – and an impressive debut at 7th place in Real Estate for Charlotte Adolpho.

Our focus on a select number of priority sectors puts our surge to 4th place overall into proper pound-for-pound context; all other Top 5 firms have c.30 or more senior analysts vs our 18 seniors at the close of voting. As important as our highest profile results, the 2020 survey reflects a further improvement in the breadth of our institutional client impact, with Top 10 rankings achieved in 14 sectors (up from 9 in 2019 and 5 in 2018).

It is pleasing to see independent verification of our continuing progress. But for all of these positive garlands, there is plenty of scope to drive meaningful further improvement still in many sectors as we deliver on our plans in the coming months.

2020 II/Extel buy-side vote results summary:

4th in the overall UK SMID Research vote (from 11th in 2019 and 13th in 2018), more than doubling our total vote share (weighted) to 6.5% (vs 3.1% in 2019, 2.4% in 2018)

Top 3   Real Estate, Strategy, New Energy & Clean Tech and Metals & Mining

Top 5   Financials and Insurance

Top 10   Technology, Leisure, Oil & Gas, Media, Construction, Healthcare, Support Services and Capital Goods

Bill Dale

Director of Research

Miranda Cockburn

Real Estate

Simon French

Economics & Strategy

Sanjay Jha

Industrial Technology

Ming Zhu

Financials - Insurance

Lacie Midgley

Industrial Technology