Berenberg, Panmure Liberum and Peel Hunt now share first place among brokers to companies in the FTSE AIM 100, each advising 20 of the index's constituents. It is the first time since records began in 2013 that three firms have tied for top spot.
Panmure Liberum added two clients during the quarter to reach 20, while Peel Hunt slipped from 22. Canaccord Genuity sits just behind with 18.
It is a statistical curiosity, but one that points to shifting tectonic plates beneath London's junior market. AIM has become smaller, its advisory industry more consolidated, and its best companies increasingly attractive to bidders or tempted by a move to the Main Market.
Fewer brokers, more clients
Three years ago, the three largest AIM brokers advised an average of 77 companies each. They now have an average of 91, according to Adviser Rankings.
That does not reflect a sudden influx of flotations. It partly reflects mergers that have reshaped a broking industry adapting to weaker trading volumes, scarce initial public offerings and rising research and regulation costs. Panmure Gordon's combination with Liberum created Panmure Liberum, FinnCap and Cenkos Securities became Cavendish Capital Markets, and Deutsche Bank acquired Numis.
AIM's shrinking population
The number of companies on AIM has fallen from 1,694 at the end of 2007 to 612, according to UHY Hacker Young. Some of that contraction is an inevitable feature of a market designed for younger and riskier businesses, whose strategies fail and financing runs out. In recent years, more companies have also concluded that the costs of a quotation outweigh its benefits.
Takeovers drive departures
Of the 2,129 companies that left AIM over the 20 years to the end of 2025, 767 were acquired, representing 36 per cent of all delistings. A further 434, or 20 per cent, left because of financial stress or insolvency, while failed business strategies accounted for 303 departures.
The distinction matters. A market whose weakest members collapse might be accused of a quality-control problem, but when its better companies are repeatedly acquired, the conclusion is different: their appeal to bidders shows AIM continues to produce valuable businesses, while also exposing its problems with valuations and replenishment.
Colin Wright, chairman of UHY Hacker Young, said private equity funds and corporate buyers increasingly regarded AIM companies as undervalued. "Those acquirers see the strong prospects of AIM companies and have been willing to pay more than institutional investors have been willing to pay for those growth companies," he said.
There were 31 takeover-related departures in 2025, representing 37 per cent of the year's 85 delistings. "The takeover of many of AIM's best companies makes AIM seem far less dynamic than it is," Wright said.
Calls for boards to resist bids
Wright suggested boards might need greater autonomy to resist bids they believe undervalue a company's long-term prospects. "Perhaps it is time to consider whether it is too easy to take over a UK listed company compared to other exchanges such as the NYSE or Nasdaq," he said.
Any change would involve a trade-off. Giving boards or founders more power could deter opportunistic bids made during temporary share-price weakness, but it could also restrict shareholders' ability to accept an immediate premium. The introduction of dual-class share structures, which can give founders enhanced voting rights, represents one attempt to alter that balance.
New listings lag behind departures
A healthy growth market should act as a conveyor belt, bringing private businesses into public ownership and sending the strongest towards the Main Market. AIM has continued to deliver the second part more readily than the first.
Six companies graduated to the Main Market in 2025, the highest number in a decade and up from two in both 2023 and 2024. Another five announced or completed plans to move during 2026, including Brooks Macdonald, Young's Brewery and Amaroq Minerals. Those moves show AIM can still nurture successful businesses, even as they drain its population while the pipeline of new flotations remains subdued.
