Peter Loraine, label head of London-based Fascination Records, is to move into management next month with a new venture backed by Universal Music U.K.

Fascination Management's first client will be pop group the Saturdays, whose third album "Headlines" peaked at No. 3 on the official U.K. albums chart. The management firm opens for business on Oct. 4.

Loraine, who started Polydor's pop-focused label Fascination Records in 2006, will be joined at Fascination Management by his current label co-ordinator Adam Klein.

Fascination A&R Manager Pino Pumilia will remain at Polydor. Fascination will continue as an imprint.

Loraine will continue working with as a consultant with Polydor, which he joined in 1998 as artist development manager. He had success with artists such as Girls Aloud, Cheryl Cole, the Saturdays and Sophie Ellis-Bextor and worked on major projects with ABBA including the "Mamma Mia" soundtrack.