- Mercia Asset Management said three venture capital trust assets had raised a combined £38.2m through share officers launched in January.

The three Northern Venture Capital Trusts formed part of Mercia's assets under management following its acquisition of NVM VCT fund management contracts in December.

'We are pleased by the successful fund raising of £38.2m, despite the challenging market environment, reflecting continuing confidence in the reputation and track record of the NVM VCT portfolios and the investment team managing them,' Mercia chief executive Mark Payton said.

'This now takes Mercia's total AUM to about £740m and we continue to be well positioned as an important source of capital for regional SMEs, as they look to navigate the current economic conditions.'

At 1:55pm: [LON:MERC] Mercia Technologies Plc share price was -0.25p at 17.85p

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