U.K. investment firm, Alliance Trust, is shutting down its private equity business to concentrate on the performance of its equity and bond portfolio, The Wall Street Journal reports. The Alliance Trust Equity Partners business employs six people and managed £110 million as of the end of February 2011.

The business invests in mid-market private equity funds as well as making direct private equity investments. The firm, which will sell existing assets to return maximum value to shareholders, has two other businesses, Alliance Trust Asset Management and Alliance Trust Savings.

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