Lansdowne Partners will acquire U.K.-based equity investment firm CRUX Asset Management in a deal that expands the alternative equity money manager's UCITS capabilities.
Active manager CRUX, which has $1.1 billion in assets under management across Asia, Europe and U.K. equity strategies, will in turn gain access to Lansdowne's operational infrastructure and equity expertise, a news release said Wednesday.
Lansdowne has $7 billion in assets under management.
Financial terms of the deal, which is subject to approval by the Financial Conduct Authority, were not disclosed.
CRUX was founded by Richard Pease, who was the majority shareholder of the firm alongside a number of other investors, a person familiar with the deal said. Mr. Pease, who also manages two strategies at CRUX, will retire after the deal closes, the news release said. The completion date was not disclosed. Management of the TM CRUX European Special Situations Fund and the TM CRUX European Fund will pass to Daniel Avigad, partner and manager of Lansdowne's European long-only strategy. All other CRUX strategies will continue to be managed by the existing team, the release said.
"Lansdowne Partners is an ideal home for CRUX and its clients with a strong cultural fit and similar approach to investing," said Karen Zachary, CEO at CRUX, in the release.
Lansdowne launched its first undertakings for collective investment in transferable securities strategy last year. The acquisition "broadens and enhances" its UCITS capabilities, said Brian Heyworth, co-managing partner, in the release.
Spokesmen for Lansdowne and CRUX declined to comment.
