Albion Ventures has been appointed as the investment manager of the two SPARK venture capital trusts (VCTs) in a move that will see the company focus on targeting more developed business opportunities.

Albion Ventures has been appointed as the investment manager of the two SPARK venture capital trusts (VCTs) in a move that will see the company focus on targeting more developed business opportunities.

Albion will lead the investment strategy for SPARK VCT and SPARK VCT 2, taking over from the company’s former manager, SPARK Venture Management, on 1 January next year. The change of manager comes after the SPARK board announced a review of its investment strategy in March this year.

According to a statement from SPARCK VCT 2, the company has revised its strategy to focus new investment on ‘relatively low-risk opportunities in more developed companies which are either able to pay dividends or well positioned for an exit in a short time frame’.

The statement adds: ‘Given the existing manager, SPARK Venture Management, is a specialist technology investor, and is moving its fund management focus away from retail funds towards regional and institutional funds,’ the move to Albion will give the company ‘a steady annual yield’.

Albion, formerly Close Ventures, has approximately £200 million of funds under management.