PPM Capital finally spins out

M&G, the fund management arm of Prudential, has finally agreed to the sale of its captive private equity unit PPM Capital to its existing management team.

The gross assets subject to the transaction are £14m, of which M&G has contributed £1.35m.

Prudential had previously said that the deal, which has rumbled on for over two years, would be hammered out before the end of the year.