Top rated European equities manager Richard Pease has quit Henderson Asset Management for boutique asset house Crux – and he is taking his £1.1 billion Special Situations fund with him.
Pease is currently director of European equities and has run the Morningstar OBSR Silver Rated Henderson European Special Situations for five years. He will be working out the transfer of this fund and his responsibilities over the next seven months, subject to obtaining regulatory and client approval.
Henderson stated in a release this morning that post transfer, the fund will continue to be managed by Richard and his team at Crux Asset Management.
Pease also co-manages the Gold Rated Henderson European Growth and Henderson Horizon European Growth funds, which the responsibilities for which will be transferred to his co-manager Simon Rowe. Henderson has clarified Rowe will be supported by the wider European equities team led by John Bennett.
Newly launched firm Crux will be regulated by the Financial Conduct Authority, and will be led by chief executive Alistair Reid, formerly of Thornhill. Pease is the third employee to join from Henderson. Mark Little will head of distribution and James Milne, current co-manager of European Special Situations will also be joining.
What the Analysts Say
Morningstar analysts have placed all three funds co-managed by Richard Pease Under Review. Muna Abu-Habsa who is head of European equity funds said that while the analyst team think highly of Pease, his extensive experience and proven investment ability, the uncertainty surrounding a start-up asset management firm warrants some caution and the Special Situations fund has been placed Under Review as they gain further clarity on the future parent.
The Henderson European Growth fund and the Henderson Horizon European Growth fund have also been placed Under Review. Both funds previously held a Gold rating. Morningstar analysts will be meeting new head manager Rowe in due course in order to discuss the changes to the team and his future plans for the funds.