L&G UK Alpha and L&G UK Special Situations lose Elite Rating as manager resigns

Richard Penny, manager of L&G UK Alpha and L&G UK Special Situations, has resigned from the company and will be taking up a new role at CRUX Asset Management.

Commenting on the move, Darius McDermott, managing director of FundCalibre, said: “Richard has successfully run both funds since 2005 and 2014 respectively, so it is with regret that the funds must lose their Elite Rating.

“CRUX is an up and coming new asset management company, established in 2014 by Richard Pease and James Milne, both previously of Henderson. They have two very good European equity funds, which are on our radar and acquired Oriel Asset Management’s three equity portfolios in January 2017: European, global and UK equity funds.”

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