Andrew Beeson has taken over as chairman of Beeson Gregory, the London-based investment bank, from Ari Zaphiriou-Zarifi, who is stepping down to pursue unrelated activities.

In its results for the first six months of this year, Beeson Gregory said it raised £54m (€86m) from three initial public offerings. The UK bank also raised £131m from six public company placings and £28m from nine private company placings. The firm's profits were £3.2m, down £6.2m from £9.3m at the end of last year. Donaldson Lufkin & Jenrette led Beeson Gregory's IPO last year when shares were issued at 300p (€4.8). Shares are now trading at 118.5p. Beeson Gregory raised £30m from its IPO in April last year and invested £20m in early stage technology companies. In its results the firm reconfirmed that it was writing down these investments by £8.8m.