Reuters: Private Equity: UPDATE 1-3i CEO to quit, sees better market conditions

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UPDATE 1-3i CEO to quit, sees better market conditions Mar 29th 2012, 06:34 Thu Mar 29, 2012 2:34am EDT LONDON, March 29 (Reuters) - Private equity company 3i Group Plc said its chief executive Michael Queen had decided to quit after having spent almost 25 years at the company. 3i added that it had started the process to find his successor. The company also said in a trading update that overall market conditions had improved since January, when 3i had warned of a challenging operating environment, and that it expected this to benefit its private equity portfolio. "We expect a more positive economic outlook to result in a stronger overall performance from our private equity portfolio, although the effect of this is unlikely to have an impact upon our results for the financial year just ending," Queen said in a statement on Thursday. "Our infrastructure and debt management businesses continue to perform well," he added.

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