Management buyout at Babcock’s UK arm

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Babcock & Brown Public Partnerships (BBPP) has assets of £431 million, 65% of which are invested in PPP (public-private partnerships) and PFI (private finance initiative) schemes.

The Australian parent company, which fell into bankruptcy earlier this month, holds an 8% stake in BBPP, which will change its name to International Public Partnerships in an attempt to distance itself from Babcock & Brown.

The investment adviser headed by Giles Frost which ran the money is also changing its name to Amber Fund Management and taking on the portfolio of assets.

No price was disclosed forthe deal, but it was likely to be in the low millions of pounds.

BBPP made a profit for 2008 of £12.2 million, compared with £11.3 million a year earlier.

Frost said: "We believe that the company's share price has been affected by the uncertainties affecting the current investment adviser."