(Reuters) - British buyout firm 3i Group Plc (III.L), which is carrying out a major restructuring, confirmed on Tuesday that the head of its UK private equity operation has left and that his counterpart in the Nordic region plans to leave soon.
The Financial Times reported earlier on Tuesday that David Whileman, partner and managing director of 3i’s UK private equity operations, had resigned last week. It also reported that Tomas Ekman, head of its private equity operations in the Nordic region, will leave the company in the next few weeks.
A spokeswoman for 3i confirmed both moves and said that Ekman’s exit was part of the company’s restructuring plan. She said Whileman was joining a smaller UK fund, which is focused on minority investing.
3i has announced job cuts and is pruning its portfolio as part of the restructuring under Chief Executive Simon Borrows.
The company’s woes stem from heavy investments during the peak of the buyout market in recent years in companies in mature or declining markets such as Britain and Spain.
Reporting by Karen Rebelo in Bangalore; editing by Matthew Lewis