The official line is that he is leaving to “be involved in” the development of a new investment boutique, working two other members of his partnerships team, though more details of the new set-up are not yet available.
Among his responsibilities at Neptune, Lester was primarily responsible for the relationships with the international life companies. He will be joined in his new venture by Dennis Pellerito, head of UK strategic partners, and a junior sales support employee Andrew Nickson.
Lester joined Neptune in January 2006 from HSBC Asset Management where he was an associate director, financial institutions.
Richard Green, deputy managing director at Neptune, commented: “Since entrepreneurial spirit remains integral to our culture at Neptune, I accept that there will be occasions when those involved in Neptune’s earlier successes, should aspire to try and achieve it again elsewhere, at a more senior level.”
Patrick Sales director Berton and Adam Hughes, head of UK intermediary sales, are currently reviewing the structure of the UK retail sales team.