ADAM Wilson, the incoming chief executive of broker Daniel Stewart, aims to turn around the ailing business via an aggressive push to raise regional capital around the world, including on the fast-growing US equivalent of the Alternative Investment Market (Aim).
Wilson, who previously turned around both Hichens Harrison and Teather & Greenwood before selling both stockbrokers for a healthy profit, has ambitious plans for Daniel Stewart, which he wants to turn into a business to rival the likes of Evolution and Numis.
The firm now fully owns Mena-RL, a Middle East-based financial consultancy firm with a presence in the UAE and South Africa, and has struck up a partnership with investment banking group Madison Williams to drive its push into the US – particularly on the OTCQX market, the Stateside version of the UK’s Aim, light on regulatory red-tape and compliance hassle.
“I was there when the first 10 companies listed on Aim and this will be a similar story,” Wilson says. “Why would anyone not want to access the world’s largest capital market without the stress of arduous compliance and regulation?”
Axa, the insurer, listed on OTCQX just over a week ago after delisting its shares from the New York Stock Exchange.
Other companies already listed on the exchange include UK retailer Marks and Spencer, sugar group Tate & Lyle, Imperial Tobacco and sporting giant Adidas.