Henderson’s Richard Pease Takes Europe Fund to New FirmSarah Jones
Henderson Global Investors Ltd.’s Richard Pease, who oversaw more than 2 billion pounds ($3.2 billion) in European equities for the London-based firm, is joining Crux Asset Management and taking a fund with him.
Pease, who joined Henderson after it acquired New Star Asset Management Ltd. in 2009, will take the 1.1 billion-pound Henderson European Special Situations Fund and co-manager James Milne with him to Crux, a new London-based firm, according to a statement today. His other two European growth funds will be taken over by co-manager Simon Rowe, who remains with Henderson.
“I am delighted to be involved in the launch of a new business, which will allow me to continue managing the portfolio that I have been responsible for since the autumn of 2009,” Pease said in the statement.
His departure mirrors a spate of fund managers who have left larger companies to start or join smaller boutique firms. Neil Woodford opened his own company late last year after 25 years with Invesco Ltd. Ivan Martin, head of Iberian equities at Banco Santander SA’s fund-management unit, is also starting his own firm with Spain’s Hernandez family, three people with knowledge of his plans said last month.
Pease and Milne join Crux’s Chief Executive Officer Alistair Reid, formerly of Thornhill Investment Management Ltd. in London. Other Crux hires include Mark Little, who worked at Henderson, and Giles Kidd-May, who came from Jupiter Fund Management Plc.
Pease was able to retain management of the fund because of a clause included in his contact when he started at Henderson five years ago, according to the Crux statement. The fund has returned 14.75 percent annually over three years, beating 92 percent of its peers, according to data compiled by Bloomberg.
Pease will continue to manage the fund at Henderson, to be renamed FP Crux European Special Situations, until the transfer is approved. He will also look to open new funds, hire new fund managers and analysts, Crux said.
Henderson’s shares erased gains in London to trade down 2.1 percent to 191 pence by 2 p.m. local time.