Montagu Private Equity has significantly shuffled its senior management, promoting longtime chief executive Chris Masterson to the newly created role of chairman.
Masterson has spent 18 years working for the mid-market European firm, which spun out of HSBC in 2003.
Taking over the day-to-day chief executive duties is Jason Gatenby, who joined Montagu in 2000 after having spent a decade at 3i.
The firm has been actively selling down its portfolio in recent months, having most recently sold British Car Auctions to US private equity firm Clayton Dubilier & Rice. Its third fund, closed in 2003, raised €2.26 billion.