Distinction Asset Management co-founder exits

Patrick Cooper, chief executive and co-founder of Distinction Asset Management, has stepped down from the company, Investment Week understands.

According to sources, Cooper has also left Harrington Cooper, the fund distribution company he founded.

Cooper, a former sales director at Deutsche Morgan Grenfell, was unavailable for comment.

It is thought he will return to the industry after spending time with his family over the summer.

Distinction was jointly founded by Cooper, the Fry Group, and former Insight multi-managers Ana and Patrick Armstrong. The firm manages outsourced investment assets for other advisory businesses, with portfolios managed by the Armstrongs.

Ana Armstrong told Investment Week Cooper had resigned from Harrington Cooper this morning, resulting in his automatic departure from Distinction.

Armstrong will fill Cooper's role on an interim basis, although his replacement has already been selected.

"Advanced negotiations with a senior figure are in progress, and we will announce the appointment over the next weeks," said Armstrong.

Harrington Cooper acts as distributors for boutiques such as Hugh Hendry's Eclectica and Sustainable Asset Management, a Swiss-based climate change investment group.