Cartesian is to buy Ignis’ financial stake in the business for an undisclosed sum and the distribution and operational support the latter provided will gradually be transferred.
Ignis said the transition phase is anticipated to take approximately nine to 12 months.
Back in 2009 Maia Capital, a funds of funds boutique was dissolved less than two years after it was founded “after it failed to gather sufficient assets”.
Meanwhile, Hexam was founded in 2006 and after four years its management took itself out of the joint venture structure, leaving Ignis with a 35% passive equity stake.
Most recently, Argonaut followed suit, with Ignis becoming a minority shareholder in August 2011 and the company becoming operationally independent of Ignis in July this year.
Chris Samuel, chief executive at Ignis, said: “We are pleased to have agreed a structure whereby our final joint venture can move to an indpenedent business structure. This follows Hexam and Argonaut moving to become independent standalone businesses and is in line with our strategic objective to build our own in-house capabilities.”
