Helen Avery, the chief executive of Egerton Capital, a firm run by hedge fund pioneer John Armitage, is set to retire and be replaced by a former Goldman Sachs Asset Management executive who was brought on board earlier this year to strengthen the business.

Avery, who has been at the firm since it began in 1994, holding the chief executive role for the past five years, is stepping down at the end of this year, "to pursue other interests outside the financial sector," according to a letter sent to investors that was obtained by Financial News.