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Wagstaff drops plan for investment boutique

Former M&G head of retail Phil Wagstaff has denied industry rumours that he is setting up an investment boutique with high-profile figures former SG Asset Management retail head John Ions and former Invesco Perpetual chief executive Mike Webb.

Wagstaff confirmed that the trio had looked at the proposal but had decided against taking the plan further. He was managing director of M&G’s retail division for three years and was with the company for seven years before resigning last June. He has also worked for Hender-sons and NM Schroder.

Ions joined SG Asset Management from Aberdeen back in 1998, leaving in 2003. Ions is no stranger to boutiques, having worked at GT founder Richard Thornton’s boutique fund management house Thornton in the early 1990s. He was unavailable for comment.

Wagstaff says: “It was an idea we kicked about but nothing came of it and I am just looking for the right opportunity to get back into the industry.”

Association of Investment Trust Companies director general Daniel Godfrey believes it is time at long last to draw a line under the split-cap debacle

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