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3i and NM Rothschild back Manchester

The initiative brings together academics, venture capitalists and other financial institutions to promote Manchester as a centre of innovation and investment.

NM Rothchild, the investment bank and venture capital group 3i is joining an alliance that brings together academics, venture capitalists and other financial institutions to promote the city of Manchester.

The Financial Times quotes John Barnacle, chief executive of pro.manchester, which represents the city's financial and business services sector, saying: “For the first time, Manchester would draw together entrepreneurs, innovators and corporate finance from seed corn funding to the major corporate dealmakers from around the world. If you are sitting in Denver in the US, do you even know there is a Manchester? It is really about putting the city on a bigger world stage as a centre of enterprise and innovation.”

The initiative will launch its first global enterprise convention in May where it hopes to attract investors from continental Europe, the US and Asia. Eight US states have already agreed to participate in the International Finance and Enterprise Week in Manchester. It expects to draw 1,500 participants.

The alliance is also planning a £14m venture capital fund for emerging Manchester-based businesses.