London-based Crux Asset Management (Crux) has hired Richard Penny as fund manager.
Penny joins in the newly-created role from Legal & General Investment Management (LGIM) where he was a senior fund manager within the high alpha team.
At LGIM Penny was lead manager of the L&G Alpha Trust, which has £187.5 million (€211.9 million) in assets under management and the L&G UK Special Situations Trust which has £279.6 million (€316 million) under management.
Chief executive of Crux Alistair Reid said Penny’s expertise in managing mid and small-cap UK equities would complement and strengthen Crux’s investment proposition.
Anton Eser, chief investment officer at LGIM, said Penny would continue to work with LGIM in the short term to manage a seamless handover of his funds to the active equity team.
Penny will hand over responsibility for the UK Alpha Trust to Rod Oscroft, co-head of the active equity team and manager of the UK Smaller Companies Trust. Responsibility for the UK Special Situations Trust will pass to Gavin Launder, manager of the L&G Growth Trust, as interim manager.
Crux has £2.5 billion (€2.8 billion) in assets under management.
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