The acquisition will be made from funds advised by Barclays Private Equity and Zenith management and will give MSPE a 60 per cent stake, with Zenith’s management retaining 40 per cent.

Brian Magnus, head of MSPE in Europe, said: 'We are delighted to invest in Zenith and to support its high calibre management team, which has successfully built the company over an extended period. We look forward to working closely with them to ensure its continued growth and success.'

Andrew Cope, CEO of Zenith, added: 'We are excited to welcome MSPE as our new partner and look forward to working closely on our shared vision developing the company’s true potential in the coming years.'

'The new partnership will allow the continued organic growth of Zenith and potentially growth by acquisition. We believe that being part of the Morgan Stanley franchise will provide real comfort and security for our customers and partners.'

Terms of the transaction were not disclosed.

The transaction is subject to regulatory approval.