Soros Fund Management, the $13bn (€10bn) alternative investments business of renowned hedge fund manager George Soros, has completed a spin-off of its private equity business.

The new entity, TowerBrook Capital Partners, will manage $1.3bn of assets. Its 37 staff will transfer from Soros to TowerBrook, headed by co-chief executives Neal Moszkowski and Ramez Sousou.