Milway has resigned to pursue ‘other opportunities’, Neptune said, and he has been replaced by chief technology officer Ali Unwin.
Unwin has been appointed lead co-manager of the £274m fund and will work alongside Patrick Close to run the strategy going forward.
He was appointed the fund’s assistant manager in 2014.
Two of the fund’s previous managers have stepped down in the past 14 months, with James Hackman jumping ship after four months in post and Felix Wintle leaving to join Tyndall Asset Management after 10 years at Neptune.
Founder and CEO Robin Geffen said: “I’m delighted to announce Ali’s promotion, who I’m confident will build on the massive progress that the Neptune US team has made over the past year or so.
“Ali’s experience and expertise in technology has been a huge help to all of the investment managers at Neptune since he joined us in 2014, and I have every confidence that he will be an enormous success in his new role.
Unwin added: “I look forward to working closely with Patrick and building on the great progress that the team has made over the past year or so.
“I truly believe that no investment sector or industry will be safe from technological disruption in the years to come. We have already seen major disruption to a considerable number of companies in recent years, and we believe that this is the beginning of a major structural shift to a digital economy, rather than a cyclical upswing.”
