Argonaut breaks free from Ignis

Argonaut Capital Partners has announced its independence from Ignis, which will see it distribute its own funds range.

The firm, which recently hired a raft of people from Neptune to form its own marketing team, has appointed former Neptune strategic partnerships head John Lester to lead the new internal distribution capability.

As part of the move, Argonaut has re-branded its logo gold and has ceased the dual branding with Ignis, so the funds only carry the Argonaut name.

A new Oeic structure has been created with IFDS to facilitate the transition with its fund range, which includes the Ignis European Alpha and European Absolute Alpha funds. The four unit trusts are scheduled to convert to the Oeic structure on 14 July.  

Founding partner and chief investment officer Barry Norris said: 'We are now moving away from the previous joint venture structure and taking on responsibility for functions which were previously outsourced to Ignis'

In joining  Argonaut, Lester brings with him key members from his former Neptune team, including Dennis Pellerito and Andy Nickson.

Earlier in the year, Argonaut appointed Edward James as chief operating officer an Greg Bennett as senior fund manager. 

The boutique will continue to nurture its relations in the wealth manager and discretionary space, but will now also focus on pushing into the adviser community, and is in talk with a range of platforms. 

Last year Argonaut Capital Partners became more independent from Ignis Asset Management, in a move that saw Ignis retain a 40% stake in the boutique.

The original structure had allowed Argonaut’s fund managers Barry Norris (pictured) and Oliver Russ, who established the firm with Ignis, to concentrate on running money while Ignis focused on operations and the distribution of the funds.

The latest development comes after emerging markets boutique Hexam split from Ignis in 2010.