The private equity arm of a High Street bank that opened its first regional office in Birmingham has been bought out by its management team.

The sale will see Barclays Private Equity change its name to Equistone Partners Europe after acquiring the business from Barclays Capital - the investment arm of barclays.

The newly-independent Equistone venture has 45 members of staff operating from three UK offices - including Cherry Street in Birmingham - as well as bases in Paris, Munich, Zurich and Milan.

The value of the gross assets disposed of is expected to be around £45m.

The Midlands office of Barclays Private Equity was the first regional office to be opened by it in 1988.

The team, comprising Phil Griesbach, Paul Harper and Catherine Wall, will be unchanged as a result of the announcement and continue to operate from Bank House.

Guillaume Jacqueau, managing partner of Equistone, said: “Our team’s successful investment track record has been established over many years by a consistent focus on identifying and partnering with winning management teams in the European mid-market to achieve long term growth and impressive returns for our investors.   This strong track record means Equistone is well positioned from the outset to capitalise on continuing investment opportunities in Western Europe as an independent investment firm. We look forward to working with our fund investment partners and management teams in continuing this for many years to come, and thank Barclays for its support to our business over many years.”