Atlas Capital Group, a $4.6bn (€4bn) fund of hedge funds business that this year made headlines as the recipient of an investment from UK government minister Tessa Jowell's husband, has been sold in a management buyout.

Three of the group's subsidiaries are being sold: the UK's Atlas Capital, Deltec Bank and Trust of the Bahamas, and Guernsey's Sigma Asset Management. The group's Swiss private client business is being bought separately by its four partners.