Argonaut hires Neptune sales team for independent push

Argonaut Capital Partners has hired three sales staff from Neptune as it formalises its separation from Ignis Asset Management.

The European equity boutique has recruited John Lester as head of distribution, alongside Andy Nickson and Dennis Pellerito who will help build the company’s UK and European distribution. The trio left Neptune in April.

Argonaut laid out plans to end its joint venture with Ignis in August last year, a plan that includes Ignis reducing its equity stake to 40 per cent.

Barry Norris, co-founder of Argonaut and manager of the company’s £236.4m European Alpha fund, said: “I can’t think of any successful fund manager that outsources distribution to a third party. It doesn’t matter who the sales and marketing of the funds is outsoruced to - ultimately the best solution is to do it ourselves.”

Argonaut’s four funds will now drop the Ignis co-brand and be renamed to reflect the funds’ new authorised corporate director IFDS.

Fund old name	Fund new name
Ignis Argonaut European Alpha	IM Argonaut European Alpha
Ignis Argonaut European Income	IM Argonaut European Income
Ignis Argonaut European Enhanced Income	IM Argonaut European Enhanced Income
Ignis Argonaut European Absolute Return	IM Argonaut European Absolute Return