Lansdowne Partners has purchased CRUX Asset Management for an undisclosed sum, subject to regulatory approval.

On completion of the deal, the three CRUX European funds will pass to Lansdowne's European investment team, headed by Daniel Avigad, who has been with the firm since 2006.

Avigad is a partner in the firm and portfolio manager of the European long only strategy.

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The remaining funds, including Richard Penny's UK equity funds and Ewan Markson-Brown's Asia equity funds, will continue to be managed by their existing managers.

Until approval is granted, there will be no change to any management of any CRUX funds.

CRUX CEO Karen Zachary described Lansdowne Partners as an "ideal home" for the firm and its clients, adding it has a "strong cultural fit and similar approach to investing".

Co-managing partner at Lansdowne Brian Heyworth said: "The acquisition of CRUX broadens and enhances our UCITS capabilities following the launch of Lansdowne's first UCITS fund last year.

"We look forward to welcoming the CRUX team to Lansdowne Partners."

Richard Pease retires

CRUX founder Richard Pease is also set to retire on completion of the transaction and will continue to manage the TM CRUX European Special Situations, TM CRUX European and CRUX Global Fund SICAV European Special Situations funds until this point.

Following his retirement, management will be handed over to Avigad after a managed handover.

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Pease said: "I am delighted that CRUX will benefit from being a part of Lansdowne Partners and I am confident there is no better home for our clients and staff to thrive.

"Daniel is a natural successor for the TM CRUX European Special Situations fund and TM CRUX European fund and I look forward to introducing him to clients and working closely with him in the months ahead to ensure a smooth transition at completion."

Zachary added: "Richard Pease has had an exceptional career and we are pleased that following his well-deserved retirement his investors will benefit from Daniel's expertise, which until 2022 was only available to institutional clients.

"CRUX funds will benefit from having access to Lansdowne's world-class operational infrastructure that was built to serve some of the world's largest institutional clients."