Two of Swiss Life Private Equity Partners' four executive directors have walked out amid a boardroom rift as the Sfr3.4bn (€2.3bn) fund of funds manager battles for its future.

David Salim, the firm's chief executive, said in a brief letter sent to clients: "Dominik Meyer and Michael Miller left Swiss Life Private Equity Partners on February 6. Their departure is in relation to differing views on the management of the business. I would like to thank them for their contribution and wish them all the best."