Sir Ronald Cohen, who built Apax Partners into a global firm with €12bn ($14bn) in assets, is handing over the reins to Martin Halusa, head of the private equity firm's German office.

Halusa will become chief executive in January 2004, settling the issue of succession that has concerned investors for a number of years. There will be an 18 month transition period during which Sir Ronald will continue as executive chairman, with the aim of retiring in August 2005.