Cartesian Capital Partners is in discussions with Ignis Asset Management to move the distribution of its fund range from Ignis to National Wealth Service, Money Marketing understands.
Ignis currently distributes the £61.4m Ignis Cartesian UK opportunities fund and £40.4m Ignis International Cartesian enhanced alpha fund.
NWS took over distribution of the £34.3m Ignis Cartesian UK equity long/short hedge fund in the summer.
Money Marketing understands Cartesian and Ignis are in talks to hand distribution of the UK opportunities and enhanced alpha funds to NWS by the end of August.
In December 2005, Ignis set up the joint venture with Cartesian founders Andrew Kelly and David Stevenson. Ignis holds a 50 per cent equity stake.
Ignis has recently cut its 50 per cent equity stakes in joint ventures Argonaut Capital Partners and Hexam Capital to 40 per cent and 35 per cent.
Ignis declined to say whether it plans to cut its equity stake in Cartesian. Ignis Partners managing director Ian Paterson Brown says: “In line with Ignis’s strategy on joint ventures, Ignis and Cartesian have been discussing various ways to take Cartesian to the next stage of its development. This includes the possible transition of Cartesian to a more independent structure.”
Cartesian Capital Partners partner Jeremy Hall says: “We are focused on driving returns for clients and are always on the lookout to improve the business.”
Chelsea Financial Services managing director Darius McDermott says: “I think Ignis will continue to support Cartesian until it runs a significant amount of assets.”