Interactive Investor

European star fund manager to retire after investment firm acquired

31st May 2023 15:10

by Sam Benstead from interactive investor

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The investment firm founded by this highly regarded investor has been snapped up by a fund management firm looking to expand into the retail market. 

Veteran fund manager Richard Pease is retiring following the acquisition of Crux Asset Management by Lansdowne Partners for an undisclosed fee.

Pease has been in the investment industry for more than 30 years and has run funds at Jupiter Asset Management, New Star Asset Management, Henderson Global Investors, and most recently Crux, which was founded in 2014.

He has managed the TM Crux European Special Situations fund continuously since 2009 after a special agreement allowed him to take the assets from Henderson and merge it with a similar Crux fund in 2015. The fund was a member of interactive investor’s Super 60 list of investment ideas until January 2023. Pease also manages the TM Crux European fund.

According to FE Analytics, a fund data provider, Crux European Special Situations has returned 220% since 2009 compared with 184% for the FTSE World European ex UK index. It currently has £450 million in assets, but had around £1.3 billion in assets just three years ago.

FE Analytics calculates that Pease has delivered annualised returns of 8.7% a year over 23 years managing money.

If the acquisition of Crux is approved by the Financial Conduct Authority (FCA), then Pease’s two funds will be handed over to Lansdowne Partners’ Daniel Avigad, who currently manages their European Long Only Strategy.

All other Crux funds will continue to be managed by the existing Crux fund managers, including TM CRUX UK Special Situations, managed by Richard Penny, and Crux Asia ex Japan, managed by former Baillie Gifford fund manager Ewan Markson-Brown.

Pease said: “I am delighted that Crux will benefit from being a part of Lansdowne Partners and I am confident there is no better home for our clients and staff to thrive. Daniel is a natural successor for the Crux European Special Situations Fund and Crux European Fund and I look forward to introducing him to clients and working closely with him in the months ahead to ensure a smooth transition at completion.”

Lansdowne Partners, founded in 1998, has seven funds, but mainly serves institutional rather than retail investors. The acquisition will therefore give it access to a new market and expand its fund range that meet Ucits rules, a European Union legal framework for funds offered to retail investors.

Brian Heyworth, co-managing partner at Lansdowne Partners, said: “The acquisition of Crux broadens and enhances our Ucits capabilities following the launch of Lansdowne’s first Ucits fund last year. We look forward to welcoming the Crux team to Lansdowne Partners.”

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