Crux acquires Oriel Asset Management

Pease Richard Henderson CruxCrux Asset Management has acquired Oriel Asset Management with Oriel’s funds and employees moving to Crux subject to regulatory approval.

The Oriel ICVC will be rebranded from CFIC Funds ICVC to CFIC Crux Funds ICVC, and the fund names will change from the CFIC Oriel Global fund, the CFIC Oriel European fund and the CFIC Oriel UK fund to the CFIC Crux Global fund, the CFIC Crux European fund and the CFIC Crux UK fund.

No changes will be made to the investment strategies of the funds, and Patrick Barton and Jamie Ward will continue to manage the CFIC Crux UK fund, while Richard Scrope will continue to manage the CFIC Crux Global fund and the CFIC Crux European fund.

The existing FP Crux European Special Situations and FP Crux European funds will continue to be managed by Richard Pease and James Milne, supported by Roland Grender, and will remain unchanged.

Employee-owned firm Crux was founded by Pease in 2014.

Alistair Reid, CEO of Crux Asset Management, says: “The transfer of Oriel’s funds and team to Crux represents an excellent cultural and corporate fit for both businesses. It was important to us to bring in a team whose long-term performance mirrors the sustained outperformance of the Crux European Special Situations and Crux European funds. We have enormous respect for the whole team at Oriel Asset Management and we look forward to welcoming them to the company.”

City Financial is currently the authorised corporate director of the CFIC Funds ICVC. Chief executive Andrew Williams adds: “We believe CRUX is an ideal partner for the Oriel fund team. The transfer of investment manager will allow them to leverage Crux’s proven investment expertise and represents a good client outcome.”

Barton says: “We view this outcome as a significant step forward for our investors, our funds and our staff. Crux is fully committed to maintaining the integrity of our existing philosophy and process, and we will benefit from Crux’s investment expertise and marketing capabilities. Both parties remain absolutely committed to the principle of optimising our clients’ interests within a dedicated, focused asset management business.”