Savills Private Finance, a UK private client mortgage broker, has completed a management buyout, according to media reports. The business is to be renamed SPF Private Clients.

Estate agency Savills has sold the unit to the brokerage’s senior management team, reports MoneyMarketing. Savills will continue to hold a 19.99 per cent stake in the business, while the management team will hold 80.01 per cent of the shares, said the report.

SPF Private Clients had gross assets of £4.2 million ($6.9 million) at end 2010.