Lansdowne Partners (“Lansdowne”), a leading active equities investment manager, is pleased to announce the successful transfer of three UK-focused CRUX funds to Oberon Investments Group (“Oberon”), following regulatory approval from the Financial Conduct Authority (FCA). The transferred funds are TM CRUX UK Special Situations Fund, TM CRUX UK Core Fund and TM CRUX UK Smaller Companies Fund, all managed by Richard Penny. The funds, Richard, and his investment team will move to Oberon, ensuring a seamless transition for investors.
Lansdowne Partners completed its acquisition of CRUX Asset Management on 16 August 2023, after receiving FCA approval. The acquisition allowed Lansdowne to assume full ownership of CRUX, a well-regarded UK-based equity investment boutique, following the retirement of its founder, Richard Pease.
A key driver behind Lansdowne’s acquisition of CRUX was securing the future of the flagship TM CRUX European Special Situations Fund, which aligned closely with Lansdowne’s well-established European UCITS strategy. The Fund has since been rebranded as the TM Lansdowne European Special Situations Fund, is currently c$600m in size and is managed by Daniel Avigad. During Daniel’s tenure as the Fund’s manager, the TM Lansdowne European Special Situations Fund has generated 15.3% versus IA Europe ex-UK sector return of 12.7% and was a 1st quartile performer to the end of Q3.
As a result of the transfer, the CRUX UK Equity Funds, totalling $84 million in assets under management, will be transferred and rebranded to Oberon as of 13 December 2024.
Brian Heyworth, CEO and Managing Partner of Lansdowne Partners, commented: “Our focus has been on integrating the flagship European Special Situations Fund and clients, while strengthening our UCITS offering including the launch of the Lansdowne (Lux) Developed Markets Fund. This enables us to broaden our access to wealth management channels and complements our strong existing institutional client base alongside our enhanced distribution capabilities. We wish Richard and his team every success at Oberon.”
Richard Penny, Fund Manager commented: “I remain committed to all three funds and their existing investment process and believe this outcome provides continuity for all investors. I look forward to working with Oberon to ensure a seamless transition for our investors. I would like to extend my sincere thanks to Lansdowne for their support, and I wish the business all the best for the future.”
