Capital Z Investment Partners, the US private equity firm, has backed the buy-out of Zurich Institutional Benchmarks Management, a seller of investment products based on hedge fund indices.

The management of Zurich Institutional Benchmarks Management, which will now be known as Lyra Partners, have taken the opportunity to become independent of Zurich Financial Services, the Swiss insurance company. Zurich has been streamlining its operations to focus on its core business.