HSBC Private Equity has completed its spin-off from parent bank, HSBC, leaving the management with an 80% stake of £304,000 (€449,361) of assets.

Chris Masterson, the managing director who led the buy-out, will now be in charge of the £1.2bn fund raised last year, with HSBC retaining a 20% stake. The move sees the revival of the Montagu Private Equity banner, under which the business operated from 1994 to 1996 before it was disposed of by HSBC.