(MENAFN) According to industrial sources, six asset managers will invest a total of USD14 billion over the next five-year period in British firms and roads following tax changes, Oman Observer reported.

Britain's finance minister announced a new exception from withholding tax for interest on private placements, a form of long-term, non-bank debt financing for smaller firms and infrastructure projects.

The asset managers, which include Allianz Global, Aviva, Friends Life, Legal and General, Prudential and Standard Life, intend to make investments in private placements and other direct lending to UK companies.

"This measure is a significant boost to the development of the UK private placement market, unlocking crucial capital for UK businesses," The Investment Management Association's Chief Executive said.