Investec, the international specialist bank and asset manager, is to launch an investment banking operation in the north of England, its first in the UK outside London.
While not directly triggered by George Osborne's Northern Powerhouse vision, its strategy is in tune with the chancellor's belief that the region has under exploited economic potential.
"We see it as a very big growth market for us," said Andrew Pinder, head of investment banking at Investec in the UK. "There's untapped potential for investment banking — it's ripe for opportunity."
Other financial and professional services firms have invested in the north's growth potential, but Investec is highly unusual in creating a full-service investment banking operation there.
"A lot of what we do comes down to relationships," said Dan Sheahan, Investec's first appointee at its northern operation, who starts work with the group on Monday. "There are plenty of exciting clients in the north and they like having someone who has a cultural fit."