(Update) Philip Rodrigs is disputing River and Mercantile's conclusion in the ongoing conduct dispute.
Speaking to The Times, Rodrigs said: 'I dispute the conclusion they’ve come to,' without providing further comment.
In a statement given to Wealth Manager sister title Citywire Money the business said it had upgraded systems to increase risk monitoring.
The group said: ‘Philip Rodrigs departure relates to conduct which was identified in December 2017. This conduct was identified as a result of those improved systems and controls.’
It added that his professional conduct had been found to be incompatible with River and Mercantile’s standards.
Shares in Rodrigs' River and Mercantile UK Micro Cap trust ended the day at 14.6% or 31p lower at 181p, an 8.1% discount to its most recent net asset value.
In November last year, the FCA alleged that River & Mercantile Asset Management alongside three other top asset managers—Artemis Investment Management, Hargreave Hale, Newton Investment Management—may have broken competition law.
It was later reported the allegation centred around the £240 million float of the online holiday company On the Beach.
In December Newton Investment Management said it had fired an unidentifed fund manager following the regulatory probe into the rigging of share prices.
At the time, a spokesperson for Newton said: 'One employee was suspended at the time; this individual has since been subject to disciplinary action and dismissed.'