The move sees Ignis sell its financial interest to Cartesian, for an undisclosed sum.
As a result Ignis will no longer distribute Cartesian’s funds. The process of transferring operational issues, such as fund administration and reporting, will take approximately 9-12 months.
Chris Samuel, chief executive of Ignis asset Management, said: ‘We are pleased to have agreed a structure whereby our final joint venture can move to an independent business structure.
‘This follows Hexam and Argonaut moving to become independent standalone businesses and is in line with our strategic objective to build our own in-house capabilities.’
Cartesian’s range includes the £60 million Ignis Cartesian UK Opportunities and £29 million UK Equity Long/Short funds.
The cutting of ties with Cartesian marks the end of the joint venture era for Ignis, which was spearheaded by former retail head Jonathan Polin.
The firm will now focus on internal developments, which has seen it recently launch a raft of funds, while making a concerted push into the liability driven investment market.
In August, Ignis ended its joint venture with Argonaut Capital Partners. It gave the boutique independence and left the outfit, founded with Barry Norris and Oliver Russ, to distribute its own funds, although Ignis still retains a passive 40% stake in the firm.
Similarly, Ignis ended its joint venture with emerging markets boutique Hexam Capital Partners in July 2008, retaining a passive 35% stake in the business.
Its joint venture with Maia Capital Partners ended in 2009 and the funds were brought in-house and re-branded as Ignis funds.
Over three years, the UK Opportunities fund delivered 26.5% to the 8 October, versus the benchmark’s 26%.