The Association of Greater Manchester Authorities, the body that represents the ten local authorities of the area, has taken over the formal ownership of MIDAS, Manchester’s investment and development agency.

The agency was technically owned by the Commission for the New Economy, formerly Manchester Enterprises, the economic development agency for Greater Manchester.

It said the ownership had changed to mirror its ongoing drive to attract more businesses and employment to the Manchester region.

The ten local authorities are Bolton, Bury, Manchester, Oldham, Rochdale, Salford, Stockport, Tameside, Trafford and Wigan. The North West Development Agency will continue to support MIDAS.

Colin Sinclair, chief executive of MIDAS, said: ‘The change in ownership reflects our total commitment to working with the ten local authorities to secure further investment and employment for the city region.

‘We are agreed that this is the best way forward to maximise the benefits of our strong and proven working relationship for the economic benefit of Greater Manchester.’