Neptune has scrapped its plans to launch a wealth management division following a strategic review by ex-M&G boss Michael McLintock.
The fund house, which originally planned to launch a wealth arm focusing on high-net-worth clients, said it would instead focus on its asset management offerings.
As such the firm has severed relations with Matthew Butcher, the former Brewin Dolphin research head who came on board as part of the plans.
A Neptune spokesperson said: "Following the arrival of Michael McLintock at Neptune as a special adviser and the subsequent undertaking of a strategic review under Michael’s guidance, we have decided not to pursue our previous plan to launch a wealth management operation, which we see as non-core to our business.
"Instead, we will focus on growing our core asset management business. We wish Matthew Butcher, who worked with us on the wealth management proposition, well in the future."
Neptune hired Mr McLintock earlier this year, in a reshuffle that saw distribution head Charlie Parker exit.
The firm said Mr McLintock would work closely with the distribution team and senior management on a permanent basis, as the group anticipates “a transformative phase for the industry as a whole”.
