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Argonaut to appoint ex-Neptune sales team

Former Neptune head of strategic partnerships John Lester and his team are to join Argonaut, Money Marketing understands.

Earlier this month, Neptune announced that Lester, alongside head of UK strategic partners Dennis Pellerito and junior sales support member Andrew Nickson would be leaving the firm to set up a new investment boutique.

Money Marketing understands that the team are instead to join Argonaut to handle its distribution.

At the beginning of April, Neptune announced plans to review the structure of its UK retail sales team. Sales director Patrick Berton and head of UK intermediary sales Adam Hughes are conducting the review.

In August, Argonaut became operationally independent from the joint-venture partner Ignis Asset Management.

Argonaut Capital Partners took management control, owning 60 per cent under the new structure with Ignis reducing its equity stake from 50 per cent to 40 per cent.

The European equity specialist boutique was founded in 2005 and currently has £1.1 billion of funds under management.

Argonaut refused to comment.

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