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UK - Prudential to sell PPM to PPM management

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According to a report in the Daily Telegraph today Prudential is set to sell its private equity division to the company's management team. PPM Capital has about EUR 2bn of funds under management and hopes that the buyout will be completed by the end of the year.

A number of private equity houses have bought themselves out from their founding companies over the past decade including Montagu from HSBC, Bridgepoint from Natwest and Phoenix from Credit Suisse. It is thought that Aviva's recent bid for Prudential may have sparked the separation talks because of the uncertainty it caused for PPM's future. Last week PPM backed the management buyout of Azzuri Communications from 3i for £182.5m.
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