Neptune Investment Management has abandoned its plans to launch a wealth arm, which it announced last year, confirming only two of the five-strong team that was working on the division remain at the company.
Former M&G chief executive Michael McLintock, who joined Neptune as special adviser in May, drove the decision following a strategic review, Neptune confirmed in a statement.
“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,” a spokeswoman said.
McLintock was appointed to focus on strategy and distribution following the departure of Charlie Parker, who had been head of distribution, for Sanlam UK.
Speaking to Fund Strategy last year, Parker said a five-strong team at the asset manager was planning a “modestly-sized London-based boutique”, although there was no deadline for launch at the time.
Neptune had hired Matthew Butcher from Brewin Dolphin to work on the wealth management proposition, but the spokeswoman confirms he has now departed. James Cliff, who had joined from Rathbones, has also departed.
Chief economist and CIO James Dowey and deputy managing director Richard Green, who rounded out the five-strong team, remain at the asset manager.