However, he stressed that “because of the sensitive nature of the deals that are being done at the moment” and similiar concerns, most details about the new investment venture are being kept secret, including its name.
"All members of the team that have committed to join the new firm have signed a non-disclosure agreement, so we’re actually not in a position to give any more details at this point in time," Lester said.
“It is a UK-based operation; however, there isn’t any limit to where our operation could potentially spread, in due course.
“There are a number of jurisdictions that we have operated in in the past, me personally as well as my team, that we will be operating in again.
"[So] there will definitely be news for International Adviser [eventually].”
Joining Lester in the new venture are Dennis Pellerito, sales manager of third party distribution at Neptune, and a junior sales support employee at Neptune, Andrew Nickson.
Lester joined Neptune six years ago from HSBC Asset Management, where he was an associate director, financial institutions. At Neptune, Lester was primarily responsible for relationships with the international life companies.
Richard Green, deputy managing director at Neptune, noted that the “entrepreneurial spirit” was integral to Neptune’s corporate culture, and thus "I accept that there will be occasions when those involved in Neptune’s earlier successes, should aspire to try and achieve it again elsewhere, at a more senior level".
Patrick Sales director Berton and Adam Hughes, head of UK intermediary sales at Neptune, are understood to be reviewing the structure of its UK retail sales team.
Neptune was founded in 2002 by chief executive Robin Geffen, and remains a privately held, London-based fund house.
