The founder of City stockbroker Numis Oliver Hemsley will take over as chief executive of Nex Exchange next year, the challenger stock exchange confirmed today.
The investment is set to be completed by the second half of this financial year, and will see current chief executive Patrick Birley step down.
The funding will be used by Nex Exchange to develop and grow the business, with a view to become a credible rival to London's Alternative Investment Market.
Nex Group chief executive Michael Spencer said: "We are pleased to have secured new investment in Nex Exchange to further develop the business and enhance our offering for SMEs.
"We thank Patrick Birley for his excellent contribution to the business since our 2012 acquisition and we look forward to working with Oliver Hemsley as he takes the business to the next stage of its growth.”
Hemsley set up city broker Numis in 1989 and served as chief executive of the group until his retirement in 2016.
Nex Group is set to be bought by CME Group in a $5.5bn (£4.21bn) deal.
The acquisition was approved in March but was called in by the UK's competition watchdog last week.