London calling

Here’s more evidence that London is eating NYSE and Nasdaq’s lunch when it comes to winning US listings. Panmure Gordon, a UK stockbroker, is spending $62m - over a quarter of its market capitalisation - to buy ThinkEquity, a US-based brokerage focused on small, fast-growing companies. Add in performance-related compensation and the ultimate tag could be as much as $120m. Why would a smallish City broker focused on mid-cap companies like Panmure snap up a small investment bank half way round th...