A £2.5bn ($4bn) corporate venturing fund backed by the UK’s six biggest banks has hired its chairman and chief executive ahead of investing up to 75 companies per year.

The Business Growth Fund will be chaired by Sir Nigel Rudd (pictured), also chairman of airports operator BAA, and managed by Stephen Welton, managing partner of investment bank JP Morgan’s former leveraged buyout manager CCMP Capital, as chief executive.

The fund will start investing £2m to £10m in companies with an…

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