The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Big interest in a discarded toy

When WestLB put the venerable but slightly dishevelled corporate broker Panmure Gordon up for sale in January 2004 it was probably rather surprised to find 35 bidders competing for the toy it had got bored with.

Lazard, which successfully closed the deal with WestLB in January 2004 sensed an opportunity.

"It was an opportunistic deal in the sense that we reached our decision at a time when WestLB wanted to exit," says Marcus Agius, chairman of Lazard in London.

"But we had been inclining in that direction in any event. And the reason for that is that it is a fundamental need of our business to have good knowledge of what's going on in the market and to be able to advise clients on how any deal might be received by the market. Traditionally we've always had access to that part of the advisory spectrum by working alongside an independent corporate broker. In the past there was a lot of choice as to who to work with but our former partners have now all moved beyond broking and are part of integrated firms, so our paths have  converged and our options have been reduced."

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.

By continuing to use & browse the site you agree to our Privacy Policy.
I agree