Argonaut set to split from Ignis Asset Management

Argonaut Capital Partners is set to become operationally independent from Ignis Asset Management, following in the footsteps of previous joint venture boutique Hexam which split off last year.

Ignis will retain a financial interest in the European equity-focused boutique, as it did with Hexam. Currently, the business is structured as a 50/50 joint venture between the managers and Ignis.

Managers Barry Norris and Olly Russ will continue to head up the Argonaut funds and staff are expected to be hired to join the boutique.

Ignis chief executive Chris Samuel has previously said the group would not establish any new joint venture boutiques and wanted to focus on its core offering.

Last July, Hexam Capital Partners took sole charge of its admin, distribution and operational costs and raised its 50 per cent stake in its joint venture with Ignis to 65 per cent, with Ignis retaining a 35 per cent stake in the boutique.

Sales and marketing director Polin left Ignis Asset Management in June this year and will join Ashcourt Rowan as group chief executive in September.

A spokeswoman says: “We can confirm that Argonaut and Ignis are in discussions regarding a possible alteration to their partnership arrangements. A further announcement will be made when appropriate. Until that time neither Argonaut nor Ignis will have any further comment to make.”