Standard Chartered mulls spinning out PE business: Bloomberg

September 16, 2016 6:39 AM EDT

A woman walks down the stairs of the Standard Chartered headquarters in Hong Kong, October 13, 2010. REUTERS/Bobby Yip/File Photo

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(Reuters) - Standard Chartered Plc (NASDAQ: STAN) is considering spinning out its private equity business to its managers, Bloomberg reported on Friday, citing two people familiar with the matter.

The unit's managers, led by Joseph Stevens, would take control of a business that oversees about $5 billion of assets, Bloomberg reported.

"The Group is looking at non-core businesses, or those that do not sit within our tightened risk tolerance. We are not commenting on any specific businesses beyond those we have already disclosed," a company spokesperson said in an emailed statement.

Reuters reported earlier on Friday that PE firms such as Standard Chartered and Carlyle Group (NASDAQ: CG) are shrinking their PE teams in Africa.

(Reporting by Rahul B in Bengaluru and Lawrence White in London; Editing by Savio D'Souza)

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