Pemberton, the investment group set up by a former investment banking chief at Royal Bank of Scotland in the US, has spun off its private equity business and will focus on direct lending following a landmark deal with Legal & General last month.

Symon Drake-Brockman, the former chief executive of RBS's Americas investment banking unit, and telecoms veteran Jean-Pierre Vandromme, originally set up Pemberton in late 2010 to focus on "private equity-style investment focused on the financial services, internet, communications and telecoms sectors", Drake-Brockman told Financial News at the time.