" runs counter to a long UK tradition of allowing investment as seen appropriate by its owners or their agents," said Con Keating, head of research at Brighton Rock Group, an insurance company for pension schemes. Pension experts cautioned retirement schemes are unlikely to welcome any attempt to compel them to invest in riskier fledgling companies. The planned fund could be supported by a government mandate for all UK defined contribution pension funds to invest a proportion of their funds in the vehicle, Lyons said, but added he did not see this as a dealbreaker. they're going to North America." PENSION FUND WORRIES "At the moment these companies have to follow the money. "There's a cliff edge at the moment between being unlisted and listed," Lyons told Reuters. The fund would act as a giant UK-focused venture capital fund, Lyons said, specialising in backing unlisted start-ups before they hit public markets. The talks coincide with efforts by British lawmakers and regulators to accelerate financial sector reforms designed to attract more multinational companies to invest in Britain and join its stock market, after UK-based chip designer ARM chose New York for its IPO. He cited the Canada Pension Plan Investment Board and AustraliaSuper funds - both of which have a sizeable presence in London - as examples of funds to emulate, arguing they were "eating our lunch". Lyons said he was taking part in advanced discussions with several FTSE 100 asset managers and insurers on the blueprint for the fund and to get "buy-in" for the proposals, adding they could be finalised by the end of this year. Nicholas Lyons, a veteran banker and current lord mayor of London, said the planned 'Future Growth Fund' would aim to draw up to 50 billion pounds ($63.11 billion) from British pension pots to invest in fast-growing technology and biotech firms. LONDON, May 11 (Reuters) - Britain's leading asset managers are in advanced talks to create a multi-billion pound investment fund to back UK start-ups and stem the flow of technology firms snubbing London for New York, a key official working on the proposal told Reuters.
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