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The Alternative Investment Market (AIM)
Page 52
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The Alternative investment Market started in 1995, aimed at fastgrowing, young companies. Last year, it raised as much capital for its member firms as the Nasdaq (an American stock market). Its membership now represents a mature market and high growth is no longer an essential criterion, but it continues to attract small firms because of its lack of external regulation. Where the FTSE is policed by the Financial Services Authority, among others, AIM is self-regulating.
Companies are, however, expected to have a Nominated Advisor (Nomad). Finding the right Nomad is essential because the board must have complete trust and a strong working relationship with your choice. The Nomad will guide your company through possibly the hardest transition it has ever • made and you are obliged to follow his direction. Nomads are a • rare commodity, however, as they are certified only by the London Stock Exchange itself, and have to maintain the highest standards of probity. As one insider told us: 'If the Nomad makes the wrong decision, his reputation is finished."