Jazz Raises Cash For Rock And Pop

Jazz Summers is fronting a fund aimed at raising £10 million (US$19.6 million) to invest in U.K. talent, according to the Daily Telegraph.

The head of Big Life Management, which looks after such acts as The Verve, The Futureheads, Klaxons and Badly Drawn Boy, is teaming with venture capitalists Power Amp Music to launch a tax-efficient investment vehicle.

They will set up a fund that will invest in as many as 30 artists, with independent labels or concert promoters, in exchange for a share of revenues from recording and publishing, merchandising and live events.

The first act to sign to the fund is relative newcomer Mancini, fronted by Iraina Mancini.

"The U.K. music scene is booming and the industry has been waiting for an egalitarian but profitable music enterprise," Summers explained.