StanChart said to be in talks to sell beleaguered PE business to ICG

Photographer: Anthony Kwan/Bloomberg

The managers of Standard Chartered Plc’s private-equity unit have secured backing for a multibillion-dollar spinoff from Intermediate Capital Group Plc as the British-based bank exits that business, according to people with knowledge of the matter.

Standard Chartered will sell about $1 billion of assets to ICG, a London-based asset manager, under the terms of the proposed deal, the people said. A new company, owned by executives at the bank’s private-equity unit and led by Nainesh Jaisingh, will then manage this portfolio along with about $2.1 billion for third-party investors including Goldman Sachs Group Inc., said the people, who requested anonymity as the details are private.

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