Butcher, formerly head of research at Brewin Dolphin, joined the firm in May 2016 tasked with leading Neptune’s entry into wealth management which was original billed as a “boutique structure” for private client managers.
However, the plan has been dropped as Neptune has decided it is “non-core” to the business.
The firm had partnered with Raymond James in October to launch the discretionary fund management service under the name Equester Capital Management, with Michael McLintock appointed as a special advisor.
A Neptune spokesperson said: “Following the arrival of Michael McLintock at Neptune as a special adviser and the subsequent undertaking of a strategic review under Michael’s guidance, we have decided not to pursue our previous plan to launch a wealth management operation, which we see as non-core to our business.
“Instead, we will focus on growing our core asset management business.
“We wish Matthew Butcher, who worked with us on the wealth management proposition, well in the future.”