UK - PPM completes spin-out

PPM will continue to manage the private equity investments of M&G, Prudential's asset management unit. PPM Capital has in excess of EUR 2bn of funds under management and is the latest in a long line of private equity subsidaries to gain independence from parent financial companies. Previous spin-outs include Montagu from HSBC, Bridgepoint from Natwest and Phoenix from Credit Suisse.

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