More than two-thirds of participants in law firm LG’s annual AIM conference in June in London expect Indian financial services firms will take advantage of the downturn in market activity by acquiring London-based nominated advisers (nomads) and brokers in the coming year.
In the first move by an Indian financial services company to establish a direct foothold in the London market, Indian group Religare bid for AIM broker Hichens Harrison.
A survey conducted at the LG conference showed that 68% thought it “probable” or “likely” that Indian bidders would acquire other AIM nomads and brokers in the coming year; however, few expect a reduction in the total number of AIM nomads, with 65% anticipating little or no change by this time next year.
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