Liberum

What Liberum does

Panmure Liberum is the UK's largest independent investment bank, formed in May 2024 through the merger of Liberum Capital (founded 2007) and Panmure Gordon, with Atlas Merchant Capital as strategic backer. The firm operates a full-service platform spanning four primary business lines: Investment Banking (Corporate Advisory, Equity Capital Markets, M&A, Corporate Broking & IR, Growth Capital Solutions, Debt Advisory); Execution Services (Sales Trading, Investment Funds, International Trading, ETF Trading and Market Making in 720+ stocks across UK, US, Europe and Asia); Sales (Institutional Sales, Corporate Access, Conferences & Events); and Research covering 500+ companies and funds. It serves 185 listed corporate clients and over 900 institutional market counterparties globally.

The underlying technology is a market-making and execution platform with All-Cap capabilities across four geographies, complemented by a dedicated research portal (research.panmureliberum.com) for institutional clients. New product lines added post-merger include the Debt Advisory team (July 2024) and Panmure Liberum Cambridge Capital (PLCC) — a specialist Private Capital offering focused on healthcare and life sciences — alongside the Liberum Wealth subsidiary in Guernsey. Operations span five offices: London (headquarters, Ropemaker Place), New York, Cambridge, Leeds and Guernsey, with a leadership team headed by CEO Rich Ricci.

Revenue is generated through five primary streams: investment banking advisory fees, equity capital markets transaction fees (underwriting, bookrunning, placement commissions), execution services (trading commissions and market making spreads), research provision to institutional clients, and institutional sales commissions. The firm operates as a privately held UK private limited company (Panmure Liberum Limited, FCA Register 403721) with a US operating subsidiary regulated by FINRA/SEC. Distribution is enterprise field sales via corporate advisory and institutional sales teams, with no publicly disclosed pricing and relationship-based, transaction-by-transaction commercial terms.

Name

Liberum

Legal name

Panmure Liberum Limited

Website

https://liberum.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Prime Brokerage (FSAEACAD)

akta.pro secondary industry

Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit) (BPAHAOAD)

Keywords

• Investment banking services
• Equity capital markets
• Corporate broking advisory
• Mergers and acquisitions
• Institutional equity research

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Investment Banking Advisory: Strategic advice across capital raising, M&A, corporate broking and debt advisory. Revenue generated through advisory fees, success fees, and retainer arrangements with corporate clients.
2. Equity Capital Markets: Equity capital markets services including IPOs, secondary offerings, and placements. Revenue from underwriting fees, bookrunning fees, and placement commissions.
3. Execution Services: Liquidity, market making and execution across UK and international equity markets. Revenue generated through trading commissions and market making spreads.
4. Research: High-conviction research across core industry sectors. Revenue from institutional clients for research provision.
5. Sales: Institutional sales connecting research, trading and banking. Revenue from execution commissions and relationship-based services.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Panmure Liberum is a UK-based independent investment bank delivering a full-service platform spanning Investment Banking (corporate advisory, equity capital markets, M&A, corporate broking, debt advisory), Execution Services (sales trading, market making, ETF trading across 720+ stocks), Institutional Sales, and high-conviction Research across 500+ companies and funds. It also operates Panmure Liberum Cambridge Capital (PLCC) for private capital raising in healthcare and life sciences, and Liberum Wealth in Guernsey.

Product overview

Panmure Liberum is the UK's largest independent investment bank formed by the merger of Liberum Capital Limited and Panmure Gordon in May 2024. The company operates as a full-service platform providing Investment Banking (Corporate Advisory, Equity Capital Markets, M&A, Corporate Broking, Debt Advisory), Execution Services (Sales Trading, Market Making, ETF Trading), Sales (Institutional Sales, Corporate Access, Conferences), and Research across 500+ companies and funds. Execution capabilities span UK, US, Europe and Asia with market maker coverage in over 720 stocks. New product areas include Debt Advisory and Panmure Liberum Cambridge Capital (PLCC) for specialized Private Capital in healthcare/life sciences. The firm also offers a Research Portal for institutional clients and Liberum Wealth for private wealth management through its Guernsey office.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Banking Strategic advice across capital raising, M&A, corporate broking and debt advisory, informed by deep sector expertise and public markets insight. Covers Corporate Advisory, Equity Capital Markets, Corporate Broking & IR, Mergers & Acquisitions, Growth Capital Solutions, and Debt Advisory.
• Execution Services Liquidity, market making and high-touch execution across UK and international equity markets, supported by experienced traders and market intelligence. Covers Sales Trading, Investment Funds, International Trading, ETF Trading, and Market Making. Market maker in over 720 stocks with All-Cap execution capabilities across UK, US, Europe and Asia, servicing over 900 market counterparties.
• Sales Trusted relationships with institutional investors, connecting research, trading and banking to uncover relevant opportunities. Covers Institutional Sales, Corporate Access, and Conferences & Events.
• Research High-conviction research across core industry sectors, insight driven by deep company knowledge and disciplined financial analysis. Covers 500+ companies and funds, accessed via the Research Portal.
• Debt Advisory Specialized debt advisory team providing advice to corporate clients across the capital structure. Supports clients to structure, price and access pools of liquidity from lending banks and debt funds for working capital, capex, M&A, pre-/post-IPO, rescue capital and structured financing.
• Panmure Liberum Cambridge Capital (PLCC) Specialized Private Capital offering based in Cambridge supporting innovative and growing companies in healthcare and life sciences sector to access capital from global network of investors. Provides guidance throughout entire business lifecycle including all stages of private funding.
• Liberum Wealth Specialist wealth management advice and long-term support for private clients, operated from the Guernsey office.
• Research Portal Dedicated online research portal providing access to Panmure Liberum's research coverage and market insights for institutional clients.

Quantifiable outcome

• 185 listed corporate clients and 500+ companies & funds covered
• +2 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and regional.

• The Bank of Bahrain and KuwaitcoreStrategic or Co-development Partner · 3 November 2025Panmure Liberum partners with The Bank of Bahrain and Kuwait to enhance investment banking capabilities in Bahrain and the GCC region, extending reach into the Gulf Cooperation Council markets.
• Nedbank CIBcoreStrategic or Co-development Partner · 15 July 2025Panmure Liberum and Nedbank CIB partner across equity research, trading and advisory, creating a broader international coverage platform for clients.
• Petra CapitalregionalChannel Partner/ Reseller/ Distributor · 14 March 2025Partnership expands Panmure Liberum's distribution capabilities in Australia, providing local market access for Australian clients seeking UK investment banking services.

Scale indicators5 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Numis (acquired by Deutsche Bank in 2024): Pre-acquisition, Numis was the closest direct peer to Panmure Liberum - a UK-listed mid/small-cap broker and advisor with execution, research and corporate broking. Panmure Liberum hired multiple senior US staff (Husband, Hewitt, Pyott) directly from Numis US.
• Peel Hunt: UK-listed mid/small-cap investment bank offering corporate advisory, equity capital markets, research and execution services to UK listed corporates and institutional investors. Directly comparable in scale, scope and client base.
• Shore Capital: UK investment banking and stockbroking group serving small/mid-cap listed corporates with advisory, equity capital markets and principal trading. Closely comparable niche independent investment bank.
• Cavendish Securities (formerly finnCap / Cenkos): UK mid/small-cap advisory and broker formed via merger of finnCap and Cenkos. Direct competitor in UK small-cap IPOs, placings and corporate broking.
• Winterflood Securities: UK market maker and broker providing two-sided liquidity in small and mid-cap UK equities. Highly comparable to Panmure Liberum's market-making execution franchise.
• Cazenove (Barclays): Long-standing UK mid-cap corporate broking and advisory franchise, now operating within Barclays. Direct competitor in UK listed corporates and equity capital markets, despite being embedded within a bulge-bracket parent.

Broad incumbents

• Jefferies International: Global investment bank with strong UK and European mid-cap franchise across advisory, equities, and research. Overlaps with Panmure Liberum's UK and international mid-cap client base.
• Canaccord Genuity: Global independent investment bank with mid-market M&A advisory and equity capital markets capabilities. Comparable in its independent-broker positioning and mid-market focus.
• Stifel (Europe): US-headquartered full-service broker-dealer with significant UK and European operations in mid/small-cap advisory, research and market making. Largest single mid-cap competitor by execution scale.
• Houlihan Lokey: Independent global investment bank with strong M&A, capital markets and financial restructuring practices. Comparable in its independence-led positioning and breadth across mid-market advisory.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/liberum-capital-limited
• Xx.com/LiberumToday

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Liberum