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Noble adds health VCT to range as it buys development specialist Sitka

Noble Fund Managers has bought specialist development capital firm Sitka.

The deal means that NFM now has three venture capital trusts under management, with an investment team of 16.

Sitka’s health fund VCT, run by Louis Nisbet and his team, will join NFM’s VCT and income and growth VCT.

The health fund VCT invests in UK-based healthcare companies which are looking to attract 500,000 to 1m or potentially bigger sums when it co-invests with other institutions. Particular areas of interest include medical devices, diagnostics and instrumentation. It invests at various stages of companies’ financing rounds, ranging from early stage through development to Aim placings. The venture capital trust has raised over 12m since its launch in 2001.

NFM chief executive Henry Chaplin says: “This illustrates our commitment to expanding the scope of our specialist investment capabilities. We hope that this will be the first of several such acquisitions.”

Chelsea Financial Servi- ces VCT specialist Matthew Woodbridge says: “It is good news for Sitka because they have more chance of money coming in if Noble are promoting it.

Getting the team of Louis Nisbet and Gerard Tardy will also give Noble a bigger marketing presence.”

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