It appears that Channel 4’s new “up to £20m” ‘4 Innovation for the Public’ investment fund will initially be administered from Birmingham

“The Midlands city has been chosen as the base for new media commissioning managers in England and Wales […] Other cities around the country will be chosen as 4IP commissioning centres once the Birmingham base has been established […] the 4IP fund will launch in July […] Channel 4 has committed up to £20m to the 4IP [ investment ] fund on a pilot basis for the next two years. […] Plans for the fund include working with social networking site Bebo “to look at ways in which news and current affairs can be reinvented” and increase online coverage of niche sports.”

Video of the launch and speeches are here. Belfast is already identified as one of the other regional hubs, presumably after the Birmingham office is set up.