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Neptune moves to profit share in bid to stem exodus

Fund boutique Neptune is losing its UK equity man- ager Greg Bennett and has set up a profit-share scheme in a bid to stop more managers quitting.

Bennett is reckoned to have been recruited by Marlborough fund managers and Neptune has now appointed a headhunter to find a replacement. The company lost European managers Barry Norris and Oliver Russ to Britannic earlier this year.

Neptune was criticised recently for not offering adequate incentives for its managers. The firm will now share out one-third of its annual pre-tax profits among its investment team.

Bennett denies leaving for purely financial reasons.

Hargreaves Lansdown head of research Mark Dampier says: “Things seem to be falling apart at Neptune. They have had a shock, which is that the good people will go unless they get better incentives.”

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