(Alliance News) - Mercia Asset Management PLC on Thursday said it has been selected to manage three British Business Bank Midlands funds.
The Warwickshire, England-based specialist asset managers said the new Midlands Engine Investment Fund II mandates represent a total of GBP207.0 million in new funds under management.
The funds will be managed and deployed by the group's staff of its three existing Midlands offices; Birmingham, Nottingham and Henley-in-Arden.
They will be focused on supporting businesses across the entire East Midlands, South East Midlands and West Midlands.
Chief Executive Officer Mark Payton said: "We are really delighted that, following a highly competitive procurement process, the group has been selected by the British Business Bank to manage three new Midlands Engine Investment Fund II mandates, totalling GBP207.0 million. This is a strong vote of confidence in our investment track-record and staff, with the ability through our established regional footprint and networks to successfully deploy the capital that is needed to support exciting regional growth companies."
Shares in Mercia were up 6.6% at 30.49 pence each in London on Thursday afternoon.
By Sabrina Penty, Alliance News reporter
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Mercia Asset (MERC)