Ignis Asset Management, the investment arm of insurer Phoenix Group, has sold out of the last of the four joint-venture boutiques it founded in 2005, as chief executive Chris Samuel completes the latest stage in refocusing the firm on its in-house capabilities.

Ignis, which manages £73bn mostly on behalf of its parent, said it would sell its 50% financial interest in the firm to Cartesian's partners for an "undisclosed sum". Cartesian specialises in UK equities and has about £200m under management.