Lansdowne Partners will buy equity fund boutique CRUX Asset Management, after which founder Richard Pease will retire.
The deal, which is subject to approval from the Financial Conduct Authority, will see Lansdowne acquire 100% of CRUX for an undisclosed sum. The boutique runs five funds, including the £451m TM CRUX European Special Situations fund and the £156m TM CRUX UK Special Situations fund.
Lansdowne said there will be no changes to the management of any of the CRUX funds until customary approvals from the FCA are granted. However, Pease will retire after the sale completes, following a 30-year career in asset management.
Management of his TM CRUX European Special Situations and TM CRUX European funds will then pass to Daniel Avigad, partner and manager of Lansdowne’s European Long Only strategy.
All other CRUX funds will continue to be managed by their existing managers.
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 TM CRUX European Special Situations fund and TM 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.”
CRUX chief executive Karen Zachary said there is “a strong cultural fit and similar approach to investing” between the two firms.
She added: “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 Partners focuses on investing for institutional clients such as pension funds, sovereign wealth funds, wealth managers, endowments and foundations. Avigad’s European strategy was only available to institutional clients until it opened it up to a wider client base in 2022.
Brian Heyworth, co-managing partner at Lansdowne, 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.”