Berenberg, Panmure Liberum and Peel Hunt each advise 20 of the index's constituents. Panmure Liberum added two during the quarter, while Peel Hunt slipped from 22. Panmure Gordon's combination with Liberum created Panmure Liberum. Colin Wright, chairman of UHY Hacker Young, said private equity funds and corporate buyers increasingly regarded AIM companies as undervalued. A healthy growth market should operate as a conveyor belt, bringing private businesses into public ownership and eventually sending the strongest towards the Main Market.