SENIOR executives at Tufton Investment Management have taken control of the firm after buying out equity interests previously held by an unnamed European family office.

The announcement was unveiled in filings this morning on the London Stock Exchange and the Oslo bors by Tufton Assets and Tufton-backed Stainless Tankers respectively, both being listed companies.

The seller is widely believed to be Kurt Zech, a German construction tycoon who diversified into shipping in the 2010s, with unhappy consequences.

Tufton’s chief investment officer Nicolas Tirogalas is now the person of significant control, holding more than 25% but not more than 50% of the voting rights.

Tufton has over $1.5bn of funds under management in shipping and offshore assets, with projects including Tufton Assets and Stainless Tankers.

Both companies said they expected there to be no changes following the transaction.

Tirogalas and Tufton Group chief executive Andrew Hampson said in a joint statement, “This is the result of a carefully planned process that leaves the existing business in its current, healthy form and further strengthens and aligns management incentives with future growth opportunities.”

Tufton Investment Management will be independently managed and will continue to operate under its current brand and with the same team.