ISIS to go it alone

F&C Asset Management has announced its intention to divest its private equity subsidiary, ISIS Equity Partners, to create ISIS Equity Partners LLP. The new entity will take over the management of the group's private equity assets and continue to operate out of the existing ISIS offices in London, Birmingham and Manchester. The move is in reaction to the introduction of International Financial Reporting Standards (IFRS) and its implications for financial institutions that have captive private equity operations; IFRS requires investee companies to consolidate their financial reporting in line with the ultimate shareholder. The relationship between F&C and ISIS moves from subsidiary to partner and ISIS has issued a statement to reassure clients, investee companies and financial advisors that no disruption will be caused.

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• UK / Ireland