Northern Venture Managers has been sold to its senior staff for around £3m by Aberdeen Asset Management, which acquired it as part of a deal for Edinburgh Fund Managers last October.
The buyout was led by managing director Alistair Conn and investment director Tim Levett, who say they are relieved to have put the company back in the hands of its employees. As AAM already wns a well established venture capital operation, it is believed to have been keen to offload NVM, which has more than £150m under management.
Levett says: “This is a big step forward for NVM as we can now give an absolutely clear message to the market about our ownership and independence. We have ample funds available for investment and we are looking forward to a flying start to 2004.”