Lazard is working on a plan to spin off Panmure, the UK broking firm it bought at the beginning of this year, in order to raise capital to expand its capital markets business.

The plan, which is understood to involve a partial flotation of Panmure, where Lazard would retain a majority stake, would be the first time Lazard has dipped into the public equity markets in its 156-year history as a partnership and could be the precursor to spinning off other parts of its business with bankers pointing to Lazard Asset Management as the most likely candidate.