The head of retail distribution at the $12 billion multi-boutique has jumped ship to another fund manager and the role has been dissolved.
Leeshen Chanique worked at Channel Capital for four years, most recently leading the retail/wholesale distribution, where the firm's recent inflows are concentrated.
He left in late January and joined Marty Switzer's Contango Asset Management as a senior business development manager.
Channel confirmed it will not replace Chanique and the role's ambit will now fall under head of distribution Andrew King who has been with the business since its inception.
Channel's fixed income boutique Jamieson Coote Bonds' has seen significant inflows in the last year and it is soon bringing a US-based emerging markets manager's strategy to retail clients in Australia.
The distribution and client services team is now eight people.
King said he expects to add to its distribution team (in different roles) in the coming months.
"Insto and retail is blending into one. The retail space is actually becoming more institutionalised, with things like model portfolios, core separately managed accounts and private banks," King said.
"So we will look to hire distribution people at director level, with some markets background who can also act as investment specialists."
Channel has been hiring with that profile in mind for some time. Chanique was a funds director at Clime Investment Management and worked in equity derivatives sales before that. In January 2018, it hired Byron Slessar who was a retail sales director at Janus Henderson Investors.
As a senior business development manager at Contango, Chanique will focus on building WCM Investment Management's brand in New South Wales, Contango chief executive Marty Switzer told Financial Standard.
Contango has the exclusive retail distribution rights for the US-based strategy in Australia. It has raised $160 million across a listed investment company and an exchange traded managed fund, and is soon to launch an unlisted trust.
"Leeshen's got deep relationships in the intermediary market and he has had a lot of success in building successful funds management brands. He also has a strong record of raising capital for things like L1's unit trust," Switzer said.
He will be a part of a three-person distribution team at Contango: head of distribution Alistair Dunne, head of retail Damian Craven, and Lee as a senior BDM.