Lansdowne Partners has bought equity investment boutique Crux Asset Management, prompting the retirement of its founder.
Crux was founded in 2014 and runs nine funds, including the TM Crux UK Special Situations Fund and TM Crux European Fund.
On completion of the deal, which is subject to regulatory approval and expected to take between three and four months, Crux’s founder Richard Pease will retire from the company and from the management of the TM Crux European Special Situations Fund and TM Crux European Fund.
He will be replaced by Daniel Avigad, a partner at Crux and manager of Lansdowne’s European long only strategy.
All other Crux funds will continue to be managed by their current management teams, and FTAdviser understands a decision on the potential re-naming of the funds has not been made.
The TM Crux European Special Situations fund underperformed its sector in the three years to May 30, returning 18.7 per cent to the IA Europe excluding UK sector’s 33.4 per cent.
Pease has managed the fund since its creation in 2009, and joined Crux in 2015 after a scheme of arrangement merged the Henderson European Special Situations Fund with the Crux European Special Situations Fund.
Pease said the company will benefit from being part of Lansdowne Partners, and Avigad is a “natural successor” for the funds.
Karen Zachary, chief executive officer of Crux Asset Management, said: “Lansdowne Partners is an ideal home for Crux and its clients with a strong cultural fit and similar approach to investing.
“Crux funds will benefit from having access to Lansdowne’s world-class operational infrastructure that was built to serve some of the world’s largest institutional clients.”
Lansdowne said the deal will broaden and enhance its Ucits capabilities and allow Crux to benefit from access to Lansdowne’s operational infrastructure and “equity expertise”.
sally.hickey@ft.com
