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.”

Past performance is not a reliable guide to future returns. You may not get back the amount originally invested, and tax rules can change over time. The views of the author and any people interviewed are their own and do not constitute financial advice. However the knowledge that professional analysts have analysed a fund or trust in depth before assigning them a rating can be a valuable additional filter for anyone looking to make their own decisions.