U.K. music manager Jazz Summers and his partner Tim Parry have ceased their involvement with start-up investment fund PowerAmp Music. The duo was signed up to bring music business expertise to Power Amp, when it launched in February with plans to raise £10 million ($14.7 million).

However, Summers, whose Big Life Management represents the Verve and Klaxons, has now pulled out.

"I want to make it clear that I no longer have any involvement with PowerAmp Music," said Summers in a statement. "The whole point of Big Life's involvement was to source, develop and bring through new artists with PowerAmp's financial backing."

Summers said that PowerAmp's first signing, Madness, suggested a focus on established and heritage acts.