Zurich Financial Services has announced plans to sell its private equity house, Gresham, to its senior management.
As it bids to shed its peripheral businesses Zurich leave Gresham with £254m of funds.
Gresham specialises in medium-sized private businesses, investing between £5m to £75m.
Gresham chief executive Paul Marson-Smith: "Zurich have had a strategic review - they want to focus on their insurance activities. This is won-win situation
He added: "It enables us to spread our wings and explore other avenues of funding."
Zurich chief executive Sandy Leitch said: "This transaction enables us to continue to benefit fro the expertise of Gresham's successful management team in this attractive sector of the private equity market while concentrating on our business."
