Crux Asset Management has acquired three Oriel Asset Management equity portfolios for an undisclosed sum.
As part of the transfer of Oriel's funds and employees, Crux will become investment manager of Oriel's £12m European fund, £25m Global portfolio and £52m UK fund, subject to regulatory approvals which are expected to be granted by the end of January 2017.
The deal represents Crux's first acquisition since it was established in 2014 by former Henderson manager Richard Pease. The Oriel funds, by contrast, have been the subject of a significant amount of corporate activity in recent years, most recently when Investec Wealth & Investment was replaced as authorised corporate director by City Financial in 2015.
The products will be rebranded under the Crux name following the latest deal. Patrick Barton and Jamie Ward will continue to manage the UK fund, while Richard Scrope will remain as manager of the Global and European offerings. The investment strategies will not change.
Mr Barton said: “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.
Alistair Reid, chief executive of Crux, said: "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."