An Ignis spokesperson has confirmed, after months of speculation, that the two parties have been in negotiations to change the ownership structure of Argonaut which currently sees the partners hold a 50% stake each.
No details have yet been revealed over what the new structure will look like, but it is widely expected to take a similar shape to that agreed between emerging market boutique Hexam Partners and Ignis in July this year. That deal saw Hexam increase its stake to 65% of the business, giving the partners full control of its own administration and operations.
The Ignis spokesperson also said that, part of the thinking behind the arrangement, is that it will lead to a stronger Argonaut and a more focused Ignis whose global distribution strategy will be in the hands of former Alliance Bernstein chief executive and chairman Claude Chene when joins in October.
Chene and chief executive Chris Samuels will concentrate on the firm’s own core offering under fixed income chief investment officer Chris Fellingham and his equity counterpart Mark Lovett, added the spokesperson.
