Pan-Asset Capital Management, the fund management firm founded by John Redwood, the former Conservative UK government minister, has sold a 50 per cent stake to Evercore Partners, a US banking and investment group, according to media reports.

Mr Redwood, MP for Wokingham in the south of England, set up Pan-Asset Capital early this year with Robert Brown, former chief executive of Sarasin Chiswell, and Christopher Aldous, ex-chief executive of Absolute Fund Management. Pan-Asset Capital offers a portfolio management service aimed at high-net worth clients. It has about $150 million in assets.

Evercore will put development capital into Pan-Asset Capital, which will be renamed Evercore Pan-Asset Capital Management. The group will have the option to acquire full control of Pan-Asset Capital at a later date.

Mr Redwood, who served in several ministerial roles including Trade and Industry Secretary in 1990, was an investment analyst and director for Robert Fleming and for NM Rothschild in the 1970s and 1980s, where he met Mr Brown. He was also a policy advisor to former UK Prime Minister Margaret Thatcher and an advocate of privatisation of state-owned industries.