UPDATE 1-Hedge fund millionaire trumps offer for Panmure

* SPQR Capital proposes to take at least 43 pct

* Price 28 p/shr vs BlueGem's 24p/shr

* Panmure shares up 5 pct (Adds media report that another party interested)

LONDON, May 7 (Reuters) - Hedge fund millionaire Bertrand des Pallieres's SPQR Capital has launched a bid to trump BlueGem Water's proposed stake building in British stockbroker Panmure Gordon & Co (PMR.L).

SPQR said that, via vehicle P.G. Holdings, it proposed to take part in a placing of at least 43 percent of Panmure's capital at a price of at least 28 pence per share, a minimum total spend of 17.4 million pounds ($26 million).

Last month, private equity firm BlueGem Capital Partners said it would take a stake of 40 percent in Panmure at 24 pence per share [ID:nLF727555].

The Times, without citing a source, reported in its Friday edition that at least one other party, possibly Middle Eastern, is believed to have offered to invest in Panmure on similar lines.

Panmure has begun a three-way auction, with its board deciding within a week which offer to take, the newspaper reported.

The proposal would also involve Pallieres taking the helm as executive chairman at the 130-year-old firm, SPQR said on Thursday.