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The Chief Executive Officer of Standard Chartered Private Equity Limited, Joe Stevens, told Reuters on Monday that the private equity firm, which manages an $800 million Africa fund, is shrinking staff members as part of a broader strategy to be leaner and more efficient.

Stevens said Peter Baird, StanChart’s Head of Private Equity for Africa since 2011, will leave the firm and will be replaced by Ronald Tamale, a former Goldman Sachs analyst.

Yemi Osindero, StanChart’s Head of West Africa Private Equity, is also leaving the firm together with his colleague, Nana Dankwa, to start an independent Africa fund, according to Reuters.

"This is part of a strategy to be leaner, more efficient and more integrated," Stevens said. "Our portfolio in Africa is in very strong shape. Africa remains a key part of our strategy."

Stevens also said the StanChart’s Africa team has now been reduced to eight specialists working on its private equity business. But sources close to the matter told Reuters that staff strength at the Africa team was slashed to five specialists, down from 11 a year earlier.

StanChart’s private equity arm has made several investments in Africa, particularly in Nigeria, where low oil prices has caused an economic slowdown. The company has investments in Union Bank of Nigeria; GZI Industries, which makes aluminum cans; and Seven Energy, a leading gas company operating in southeast Nigeria.