A group of City executives and financiers has cooked up an audacious plan to revamp the Alternative Investment Market (AIM).

The group, led by former London fintech boss Jon Prideaux, want to rebrand and relaunch the junior index as the ‘Global Growth Exchange,’ according to a presentation seen by Reuters. 

The plan would allow new investors to take a stake in the market, two people with knowledge of the talks said.

AIM was first established in the 1990s to help smaller firms raise capital and is specifically designed for smaller companies with high growth potential.

Jon Prideaux told Reuters: “We believe that there’s an opportunity for the London ecosystem to provide a compelling public alternative to many companies worldwide which are currently using private capital to fund their growth.”

He added: “We plan to discuss the details of our strategy and approach with LSEG soon. In preparation for that meeting, we have consulted widely with brokers, market makers, fund managers and other interested parties. 

“We have been gratified by the very widespread support that we have received.”

LSEG: ‘AIM is not for sale’

Prideaux did not give details on proposals but a source who had met the group told Reuters the plan would involve the London Stock Exchange Group (LSEG) spinning off AIM to allow new investors to come in.