Monday 14 September 2015 5:14 pm

HSBC latest to withdraw as nomad on Alternative Investment Market

HSBC is the latest bank to leave Aim, the London stock exchange’s market for smaller growing companies.

The bank has withdrawn its status as a nominated adviser (nomad), making it the latest major banking adviser to be leaving the Alternative Investment Market.

HSBC hasn't had any clients on the market for over a year, and decided not to continue paying for the nomad licence.

Several large investment banks joined up to become Aim nomads during the commodities supercycle, but the tide has turned, and HSBC’s departure is just the latest part of a larger exodus from Aim.

Goldman Sachs, Deutsche Bank, UBS and Merrill Lynch have also dumped their nomad role on the market in the past two years.

Others, like PwC and Deloitte are “inactive nomads”, holding adviser licences without any clients.

HSBC declined City A.M.'s request for comment on the news.