Crux Asset Management, the investment business co-founded by European equity investor Richard Pease, will sell its global fund to focus on its UK and European products.
Crux inherited the £25m Crux Global fund when it bought the Oriel fund range in 2017 and is selling it to Tyndall Investment Management.
Tyndall Investment Management was set up in 2016 by former M&G fund manager Alex Odd.
The Crux Global fund is run by Richard Scrope, who will join the new owners, and has returned 69 per cent over the past five years, compared with 65 per cent for the average fund in the IA Global sector.
Alistair Reid, chief executive of Crux Asset Management said: "We believe Tyndall is an ideal partner for the Global fund and for Richard Scrope. We continue to focus on being a European, including UK, fund house and wish Richard all the best."
Crux Investment Management recently confirmed the hiring of Richard Penny, formerly of Legal and General Investment Management.
Mr Penny is a UK equity fund manager and Crux will launch a fund to be run by him. The existing Crux UK funds, which were acquired as part of the Oriel deal, will continue to operate alongside Mr Penny’s funds.
Mr Pease runs a pair of European equity funds.
Jason Hollands, managing director for business development and communications at Tilney, said: "Many asset allocators and fund selectors are currently positive on European equities as political anxieties around populism have abated to some degree and the economic recovery is now well entrenched.
"While Europe is an area where there are a number of excellent managers to choose from, most funds are predominantly focused on large and mid-cap stocks and are often invested in globally diversified names, rather than more domestically focused names.
"Veteran manager Richard Peases’s FP Crux European Special Situations fund also sits firmly in the multi-cap space and has a long and outstanding track record."
david.thorpe@ft.com
