Royal Bank Private Equity, the private equity arm of the Royal Bank of Scotland, has lost three dealmakers in the wake of speculation over the unit's reorganisation following the departure of Tim Farazmand.

John Dillon, a former RBPE director, and two investment directors - Richard Caston and Duncan Johnson - have moved to Royal London Private Equity. The firm is a joint venture between chief executive David MacLellan and Royal London Asset Management.