Crux Asset Management has launched its investment management business.
The launch coincides with the departure of Richard Pease from Henderson Global Investors, who will be joining Crux at the same time that the fund he manages, Henderson European Special Situations Fund (HESSF), is transferred to Crux’s platform.
Crux has been approved by and will be regulated by the Financial Conduct Authority (FCA), and will be led by chief executive Alistair Reid, formerly of Thornhill. It will be supported in distribution by Mark Little, formerly of Henderson, and in marketing by Giles Kidd-May, formerly of Jupiter. Pease’s team will include James Milne, co-manager HESSF who is also joining from Henderson, and the team will be further strengthened by an experienced analyst to be advised in the next few months.
Pease has managed the HESSF since its launch in October 2009 and will be exercising his contractual right to move the fund to Crux, but will remain at Henderson until the transfer of the fund is complete. Pease and his team have long been individually invested in the fund. Crux’s intention is that as many as possible of the administrative and back office functions will remain with the same external providers to ensure continuity and minimal disruption for investors. There will be no taxable capital event for those investors in HESSF upon the transfer to Crux.
The HESSF, a GBP1.1bn fund, aims to achieve long-term capital growth by investing in European equities of companies in special situations.
Following the transfer of the HESSF, to become the FP Crux European Special Situations Fund, Crux will look to expand its offering with new products, as well as growing the team with new fund managers and analysts.
Reid says: "We are absolutely delighted that Richard has reached an agreement with Henderson that enables him to continue to manage his fund within a new environment. Richard and his team have an enviable reputation as one of the leading European fund management teams and it will provide great comfort to investors to know that the manager remains the same."
Pease says: "I am delighted to be involved in the launch of a new business which will allow me to continue managing the portfolio that I have been responsible for since the autumn of 2009. The team and I are very excited about being involved in a business in which we can be involved in the augmentation of the structure and also work with like-minded people. Our focus will be on providing returns for our unit holders and in servicing them according to their expectations. As well as the investment team, Crux has proven management, marketing and distribution capabilities."
