Standard Chartered has restructured top management of its private equity business, managing assets worth $4 billion across Asia and Africa. The action comes in the ake of waning fortunes of private equity in many emerging markets where ROI, especially in countries like India, have declined to single digit. The bank’s private equity’s co-head Alastair Morrison and three managing directors, Ravinder Singh Grewal, Mukul Nag and Rahul Raisurana, are among those leaving the unit. Morrison along with Nainesh Jaisingh headed the private equity business from Singapore and the restructuring leaves Jaisingh as the sole head. The unit’s single biggest market exposure is in India, where its current investments are over $750 million. Other senior directors Ashish Jain and Anshuman Goenka too are leaving the fund as it plans to reduce the head count to 100. The workforce rationalization is to align with the bank’s new game plan for the private equity unit, which includes a narrower business focus, streamlined organization and investment in strategic initiatives. The bank is shifting away from multiple-team structures for its private equity operations and wants to have a single team that covers mezzanine financing, growth capital and late stage investments.