The chairman of venture capitalist giant 3i has refuted accusations that the closure of the group's Birmingham office indicates an abandonment of the region.
The group, which helped save van maker LDV, announced in April it is retrenching to London after more than 50 years and will shut up shop at the end of this month.
Speaking at an event held by the RSA at the Birmingham City Council Chambers, Baroness Sarah Hogg was keen to stress the company would still be active in the region.
She said: "We still have other offices in the West Midlands, are making a lot of investments and will continue to do so.
"However, the growth capital market has changed - the days when you could crank a handle and complete a large number of small investments are over.
"Investments are now big and targeted, which reflects the way that the bank market is changing. Our teams need to be kept together to work as a group to do this."
Half the 12-strong Birmingham team will switch to the capital while the rest are likely to be made redundant. The firm's Reading office is also being shut.
The growth capital side will go to London - it is involved in 'minority situations' like funding companies looking to grow organically, supporting acquisitions and offering financial solutions for family firms looking to get cash out while keeping overall control.
The UK buyout business covering MBOs is being split between London and Manchester.
The group's whose most famous deal in recent years has been financing both the survival of LDV when its Dutch parent went bust and then partaking in the restructuring package which allowed the firm to bring its new van range to market.
Others have included the buyouts of Interflora and Nottingham-based Pharmaceutical Profile.