Standard Chartered mulls spinning out PE business: Bloomberg

Standard Chartered Plc (STAN.L) is considering spinning out its private equity business to its managers, Bloomberg reported on Friday, citing two people familiar with the matter.

The unit’s managers, led by Joseph Stevens, would take control of a business that oversees about $5 billion of assets, Bloomberg reported.

“The Group is looking at non-core businesses, or those that do not sit within our tightened risk tolerance. We are not commenting on any specific businesses beyond those we have already disclosed,” a company spokesperson said in an emailed statement.

Reuters reported earlier on Friday that PE firms such as Standard Chartered and Carlyle Group (CG.O) are shrinking their PE teams in Africa.