Garland has headed up the equity boutique’s discretionary sales arm since 2011, after joining from Ignis Asset Management.
In light of his departure, the firm’s wholesale and institutional clients will both be looked after by Hugh Rittner, who is currently supported by a team of five.
In a statement, chief operating officer Frances Chambers said that Rittner “has been instrumental in expanding the group’s footprint in the global institutional channel.”
Chambers was brought on board last year to reposition the business to ensure it was poised to enter its next phase of growth as it approaches its seven-year anniversary.
Monaco, who has been an equity manager with the firm since September 2010, oversaw the £833.7m Ardevora Global Equity and £431.0m Global Long Only Equity funds.
While the Ardevora Global Equity fund has outpaced the IA Global benchmark over a five-year time horizon, it has only generated narrow gains over the index in the past year, according to FE Analytics.
Over the last six months, it generated returns of 13.9%, just 0.5% higher than the IA Global sector.
The wider investment team, including Jeremy Lang, William Pattison and Ben Fitchew, will assume Monaco’s responsibilities.
