A former managing director of Lehman Brothers in Europe is to become chairman of Crux Asset Management.
Philip Howard, who was a managing director of Lehman Brothers in Europe and an employee of the collapsed company from 1985 to 1997, replaces Charles Ferguson as chairman of Crux, with the latter becoming a non executive director of the business.
After the demise of Lehman Brothers, Mr Howard later served as senior independent director at Schroders and chief investment officer at insurance company Beazley.
Crux is a fund management business which was co-founded by European equities manager Richard Pease, and recently launched UK funds for Richard Penny, who joined the company from Legal & General.
Mr Pease previously worked at New Star and Henderson.
Alistair Reid, chief executive of Crux Asset Management, said: "We are pleased to welcome Lord Howard to Crux in this important role. His experience and knowledge of our industry will be a huge support to the business as we continue to grow.
"I would also like to thank Charles Ferguson for his outstanding contribution as we established Crux Asset Management and we are delighted that he will remain part of our company as a non-executive director.”