Ignis has terminated Maia multi-manager joint venture after the boutique was only able to raise approximately £10m of external money.
Maia partners Chris Ralph and Jason Collins will be leaving the business with immediate effect, with Simon Mungall joining Ignis to run the products internally. Remaining partner Vincent Ropers is also expected to join Ignis. Ignis says the decision was made due to tough market conditions and increasing pressure on margins from the distribution of the MM products. The three Maia funds have £104m in assets under management, mostly Ignis seed capital. The company has also ruled out creating another multi-manager joint venture in the near term. "I have always stated that we may have t...
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