Mr Bhoma said some minimal job losses were expected as a result of staff overlaps but said most of the cost reductions would come from other areas.
He said: “We saw improving market conditions in 2023 and we would expect that to continue. We could have happily stayed trading on our own but this combination is very compelling. We come together at a time when the market is improving.
“We’re not saying the market is flying but we did have better conditions last year than 2022.”
Panmure president Richard Morecombe, who heads the equities business, said: “You can’t hide from the fact that equity capital markets have had a difficult time but we are seeing signs of a pickup. We are positioning ourselves to take advantage of an uptick.”
Liberum was founded in 2007 by Shane Le Prevost after he stepped down as chief executive of Collins Stewart, another stockbroker that was acquired by Canaccord. He will become chairman of Panmure Liberum.
Panmure Gordon was founded by Harry Panmure Gordon to finance trade overseas in 1876.
The broker is well-known for its links to foreign secretary Lord Cameron. His father, Ian Cameron, was a former senior partner.
Panmure has changed hands several times throughout its history, with US NationsBank, WestLB, Lazard, Charles Stanley and Qatari investor QInvest all owning the business at various times.
Only six clients overlap between Panmure and Liberum out of their combined client base of 250 companies.
The Panmure Liberum deal is an all-share merger, meaning no cash is changing hands. The merger is structured as an equal split, with both Liberum’s shareholders and Panmure’s backers holding 50pc of the combined group each.
