Ravenscroft, the investment management firm backed by Stephen Lansdown, has taken the decision to cut the promotion of its funds to the UK retail market after a strategic review.
The Guernsey-based firm launched its Huntress Balanced and Global Blue Chip funds to the UK retail market in 2017 and also hired Mark Harries, former multi-asset manager at Aberdeen, as head of investment management UK.
However, the group said it carried at a review earlier this year which has led to Harries leaving the business.
Mark Bousfield, group managing director of Ravenscroft, said: "Following a strategic review of its business operations at the start of 2019, investment services company Ravenscroft has decided to concentrate primarily on its private client business Vartan Ravenscroft and scale back the promotion of the onshore Huntress funds to UK intermediaries.
"The funds will continue to be managed by Ravenscroft Investment Management and there will be no change to the service which investors receive.
"The focus for the group going forwards will be on its existing core services which following acquisitions over the last 18 months now include both a precious metals and a cash management offering.
"In addition, Ravenscroft has also established a joint venture in Monaco to expand its presence in the offshore wealth management market.
"Mark Harries left the group in February and we wish him the very best for the future."
It was announced in July 2017 that Lansdown, founder of FTSE-100 listed Hargreaves Lansdown, had joined the firm as non-executive chairman.
In an interview with Investment Week that year, he said: "I want to help guide them to get the maximum out of their business. Whether that is a major flotation in the future or a significant private business like Fidelity that remains to be seen, but they have the potential."