Pan-Asset Capital Management has sold a 50 per cent stake to Evercore Partners, the US banking boutique and investment group.

Mr Redwood a former Tory cabinet minister, now MP for Wokingham, 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 targeting high-net worth clients and uses low cost exchange traded funds. In June, it had about $150m in assets under management.

For Evercore, it is its first move into investment management in Europe. The group will inject 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.