Bob Diamond has joined forces with the Qatari royal household to purchase Panmure Gordon, the loss-making stockbroker and funding financial institution.
The previous Barclays chief government has made the supply by way of his Atlas Service provider Capital automobile and QInvest, the Qataris’ funding arm.
QInvest already owns 43% of Panmure, which dates again some 140 years.
The supply, which values Panmure at £15.5m, has been beneficial by the board.
Andrew Adcock, chairman, mentioned the impartial administrators believed the supply was “honest and affordable”.
Matthew Hansen, head of UK and Europe for Atlas, mentioned there was a “vital alternative to boost Panmure Gordon’s sturdy status and construct a bigger, profitable boutique funding financial institution”.
That might solely be completed as a non-public firm, “out of the glare of the general public market and the consequences of share value motion”.
The deal can be thought to be a return to the Metropolis by Mr Diamond, who resigned from Barclays within the wake of the Libor rigging scandal in 2012.
QInvest purchased its stake in Panmure in 2009. Tamim Al-Kawari, its chief government, mentioned it was “enthusiastic about this chance to work with Atlas to develop the enterprise, alongside its administration workforce and staff, and to help it in fulfilling its potential”.