Standard Life has announced its private equity investment management business will be restructured as a limited liability partnership, SL Capital Partners LLP.
Forty per cent of the LLP will be owned by nine members of Standard’s investment management team including chief executive David Currie, chief investment officer Peter McKellar and investment director Stewart Hay.
In a statement Standard says: “The re-organisation of Standard Life’s private equity management business is proposed to address the desire of certain existing and potential investors to ensure continuity of management and a greater alignment of interest between investors and the management team.
“The use of a limited liability partnership will provide flexibility in terms of structure and operations and is consistent with the structure already employed by other managers in the private equity industry.”
The LLP is anticipated to commence trading on October 1 2007.