Merger is sealed with £400m wish list

Manchester University announced a £400 million recruitment drive this week as it set its sights on joining the world's top research institutions.

The university received its Royal Charter from the Queen on Friday, marking the final stage in its merger with the University of Manchester Institute of Science and Technology. The institution will create a £100 million "war chest" with which to recruit at least five Nobel laureates and their research teams by 2015.

Manchester has also assembled an unprecedented £300 million capital budget to invest in buildings and equipment fit for such academic stars.

The new institution is the UK's biggest conventional university with a turnover of £500 million a year, 34,000 students and nearly 9,000 staff.