Veteran European equities manager Richard Pease has left Henderson to join new fund management firm Crux Asset Management.
Pease's €1.4 billion Henderson European Special Situations Fund will be transferred by a scheme of arrangement from Henderson to Crux’s nominated third-party authorised corporate director.
This is subject to regulatory and client approval, and will subsequently be managed by Pease and his team at Crux.
Henderson said that it would work closely with Crux over the coming months to ensure a smooth transition of the assets and that clients would kept updated on the timings.
He will be supported as lead manager by the wider Henderson European equities team headed up by John Bennett.
Henderson said that Pease would remain a Henderson employee until the transfer of the Henderson European Special Situations fund was complete and would continue to manage it during the transfer to Crux. Fund manager James Milne will also eventually move across with him.
Following the transfer to Crux, the fund will become the FP Crux European Special Situations Fund and the firm said it would look to expand its offering with new funds and further manager and analyst hires.
Pease commented: '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.'
Crux Asset Management comes into effect today after receiving approval from the Financial Conduct Authority. The group is led by chief executive and former Thornhill employee Alistair Reid, who will be joined by ex-Henderson employee Mark Little in distribution, and former Jupiter employee Giles Kidd-May in marketing.