Ignis Asset Management, a subsidiary of Phoenix Group Holdings, is restructuring its joint venture Argonaut Capital Partners, Financial Times reports. The changes have been made to support the next phase of Argonaut’s growth and development. As per the new structure, Argonaut will hold 60%, while Ignis is reducing its stake by 10% to 40%. Argonaut will boost its investment team and management resource and build its own U.K. distribution capability and Ingis will continue to offer Argonaut’s funds in continental Europe.

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