A top Lazard capital markets advisory banker has stepped down as a director of Panmure Gordon following a change in the UK broker’s ownership structure last summer.

Paul Gismondi's place as a non-executive on Panmure's board since 2007 was given by UKPG Holdings under an agreement between UKPG, Panmure and Lazard, but UKPG lost its right to a place on the board after its shareholding fell below the required 10%, Panmure said in a stock market announcement.