International investment trader Arlington makes its debut today on the Alternative Investment Market, having graduated up from Ofex where it enjoyed stardom before the dotcom crash. William Davidson reports.

Headed by Nicholas Barham, the Old Etonian son-in-law of Australian media mogul Kerry Packer, together with Brian Pohl, Arlington mainly invests in fast-moving sectors. These include the inevitable e-commerce, healthcare, information technology and software and computer services. Geographically, the investments are spread around Europe, the US and Australasia.

The companies Arlington goes for, according to Barham, are those with experienced management teams and 'protectable' long-term unique selling propositions. They need large expanding markets and a specifically identified use for the capital injection Arlington provides, as well as a defined exit strategy after two or three years.

So far, companies which have fitted this exacting bill include computer networks and software experts XKO Group, Oxford Biosensors and Talkcast Corporation. Arlington's net assets currently stand at around £35 million, after a pre-tax profit of £3.2 million last year.

Arlington, whose shares peaked at 262.5p earlier this year amid talk of an unprecedented Ofex fundraising of £40 million, has been savagely down-rated in recent months In early trading today, the shares were unmoved at 37.5p.