3i Group Share News (III)

Private equity group 3i has bought debt management business Mizuho Investment Management (UK) from Mizuho Corporate Bank for £18.3m.Mizuho Investment Management (MIM) was established in 2005 and specialises in the management of funds raised to invest in senior and subordinated corporate debt, providing investment advisory services in return for fees. "MIM has a high quality loan portfolio and an established fund raising track record with a diverse investor base," 3i said. MIM has raised eight funds, totalling over £4.0bn, since 2005 and had £3.7bn assets under management (AuM) at 31 March 2010.3i's existing debt management activities will be merged with MIM to form a distinct business line, 3i Debt Management, with a total AuM of around £4.0bn.Jeremy Ghose, chief executive officer (CEO) of MIM, will become Managing Partner and CEO of 3i Debt Management and will join 3i's leadership team. Andrew Golding, 3i Partner and head of the banking team, will take the role of Managing Director.