Lansdowne Partners completes acquisition of CRUX Asset Management
Brian Heyworth, co-managing partner at Lansdowne Partners said the acquisition of CRUX has “significantly strengthened” the firm's UCITS offering.
The acquisition, which was first announced on 31 May, was approved by the Financial Conduct Authority at the end of July and was completed on 14 August, with Lansdowne Partners taking full ownership of CRUX.
Brian Heyworth, co-managing partner at Lansdowne Partners said the acquisition of CRUX has «significantly strengthened» the firm's UCITS offering.
«The transaction has been completed ahead of schedule, reflecting the strong cultural fit between our firms and the close alignment of our investment approaches,» he said.
Lansdowne Partners buys CRUX Asset Management
As announced in May, Daniel Avigad will take over the management of TM CRUX European Special Situations and CRUX (Lux) European Special Situations on 1 September, following the retirement of CRUX founder Richard Pease at the end of August.
Avigad, who joined Lansdowne Partners in April 2006 and has been the portfolio manager of the firm's European Long Only strategy since March 2013, said he was «delighted» to assume the management of the funds, noting the «common investment philosophy» both firms share.
«Richard and I both apply a long-term, fundamental research-driven investment approach and have been actively engaged with European companies and their management teams for over two decades,» he said.
TM CRUX European Special Situations dropped from Hargreaves Lansdown Wealth Shortlist
CRUX's other funds will continue to be managed by their existing managers, including the UK equity funds run by Richard Penny and the Asian equity funds managed by Ewan Markson-Brown.
Karen Zachary, CEO of CRUX, said the
Read more on investmentweek.co.uk
