UPDATE: Cartesian co-founder Stevenson steps down

David Stevenson, co-founder of Ignis Asset Management joint venture Cartesian Capital Partners, is set to leave the firm at the end of the year.

He co-founded the boutique in 2005 alongside Andrew Kelly, with both managers leaving SVM Asset Management to set up the venture. Ignis confirmed Stevenson will be leaving to pursue other interests. Stevenson's £57m Cartesian UK Opportunities fund will be taken over by Jeremy Hall, who also heads up the group's £54m Enhanced Alpha fund, supported by Kelly. Following the split off of joint venture boutique Argonaut, Ignis said it remains committed to supporting Cartesian, in which it holds a 50% equity stake. Kelly said: "We respect Stevenson's decision to retire from the partne...