XCAP, the independent UK stockbroking firm, has entered London’s Alternative Investment Market, raising a total of £5 million (around $8.1 million) – before expenses – from its listing. Meanwhile, it announced it had recruited a number of advisors and managers.

The AIM listing of the 50-employee firm happened late last week after XCAP had secured regulatory approval from the Financial Services Authority in May this year. It is a market maker in 179 stocks and intends to expand to 500 stocks in the 12 months after its AIM admission. Its London team currently oversees around £300 million of client money, which it hopes to double over the next 12 months. In total, XCAP manages about £600 million.

The AIM listing of XCAP occurs at a time when a number of wealth management and other investment firms have been launched in the UK, as their founders have sought to exploit customer dissatisfaction with some established firms. (To view a related article on new entrants in the market, click here).

Among other details, XCAP said in a statement that it has recruited an asset management team from Deutsche Bank. It expects to attract “significant funds” under management during the 2010/2011 financial year.

XCAP will hope its entry into the AIM and recruitment of Deutsche Bank staff will enable it to improve its fortunes after suffering a loss of around £818,000 in the 10 months to the end of March this year – although the loss stemmed, the firm said, from the cost of setting up in business and securing its FSA licence.

In its announcement of new recruits, XCAP said it has hired Ben Turner, Simon Niven and James Pope – all of them previously having worked at City Equity – to take over advisory portfolio management of smaller clients, continuing with its aim of adding more high net worth investors.

Other recruits include Geoff Lord, Drew Garland and Kas Kabbani from WH Ireland. XCAP also acquired former JO Hambro Capital Management fund manager Nick Roe-Ely, whose experience, XCAP said, will be vital for its launch of the asset management division. He will oversee a number of funds at the firm.

“We are looking to hire more people at the moment and we are going after the high net worth side of the business. In time we may also look to enter the financial planning side as well, but our main focus for now is high net worth clients,” said Alex Millett, a private client manager who joined the business last year.

Overall, the firm has constructed a 50-person team since its formation. The original intention was to establish an independent corporate financing and broking business with a primary focus on the small- to mid-cap market, the company said.