Argonaut was formed as a joint venture in 2005 between its founders and Britannic Asset Management (later known as Resolution then Ignis). Standard Life Investments retained a passive minority stake in the company following its acquisition of Ignis in 2014. 

Norris's full ownership of the company is subject to completion via a scheme of arrangement and regulatory approval. 

“This ownership agreement demonstrates my belief in Argonaut and my long-term personal commitment to the business, our people and our unitholders,” Norris said. “Our passion and conviction in our investment process and our ability to meet our clients’ needs has been and will continue to be the central driver of Argonaut’s success.”

Following completion of the deal, both SLI and European income fund manager Oliver Russ will exit the business.

Russ will move to London-listed fund management group Liontrust, which has agreed to acquire Argonaut’s £169 million ($238 million) European Income and £131 million Enhanced Income funds. Argonaut said the sale will allow it to focus on its European Alpha, pan-European Alpha and Absolute Return franchises, which constitute more than £1.1 billion of assets under management.

The transition of the two income funds is expected to be completed in early June.

“Olly Russ will be an excellent addition to our six existing fund management teams. Olly is an experienced and highly respected manager and will extend our equity income capability at a time when demand for income investing is only going to rise through increased longevity and pension freedoms,” said John Ions, CEO of Liontrust.

In addition, Jonathan Polin, CEO of South African financial services group Sanlam, has been appointed chairman of Argonaut. He played a key role in the founding of Argonaut while he was at Britannic Asset Management (later Ignis).