Funds of funds manager Stenham Asset Management is retreating from the institutional market and several members of its business development team have left the firm, illustrating the continuing challenges faced by the funds of funds industry.

Among those who have left the firm are Harry Wulfsohn, a director and head of institutional business development, according to two people familiar with the move. Wulfsohn, who joined the firm over 15 years ago, wrote in an email that he has left "to pursue new opportunities". He declined to comment further.