Companies: AMBR   

Investment bank Ambrian Capital plans to launch an energy fund and expects to float it on AIM.

Chief executive Tom Gaffney, the American ex-Flemings luminary who helped create AIM-quoted Ambrian out of resources investment concern Golden Prospect, says Ambrian will put £8 million of its own energy sector assets into the fund. He sees the new venture as generating income from backing renewable and other energy ventures, rather than as a passive investor in oil and gas companies, though management charges will be based on asset performance.

That way, Gaffney hopes the fund's shares will go to a premium, rather than a typical trust discount. Ambrian floated Guernsey-based fund Golden Prospect Precious Metals in late 2006 and the shares have so far risen from 100p to 110.5p on AIM, valuing the fund at £14.3 million.

Last year Ambrian launched Ambrian Commodities, a broker-dealer on the London Metal Exchange and has since recruited Jonathan Boyden from Tate & Lyle to head sugar trading and Stephen Welham from Tullett Prebon to run carbon credits dealing. A grain dealer is joining soon.

Ambriam, which since November 2004 has raised more than £250 million for corporate clients with 13 AIM floats and 19 other deals, has cast its net beyond its declared 'extracting, harvesting and harnessing' resources terrain. Ex-Morgan Stanley telecoms chief Michael Armitage heads research and Ambrian is also handling an AIM float for Ipso Ventures, which aims to commercialise and channel pre-float money into medical research projects.

At 60.75p, Ambrian Capital's shares have risen nearly 140 per cent since their August 2004 low. They should make further long term progress if Gaffney's strategy continues to pay off.

Ambrian Capital	AIM	£16.58m	15.50p	-0.25p
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