9 January 2018 - Richard Penny, manager of L&G UK Special Situations, has resigned from the company and will be moving to CRUX Asset Management.
Commenting on the move, Darius McDermott, managing director of Chelsea, said: “Richard has successfully run this fund since 2014, so it is with regret that we must remove it from the Chelsea Selection.
“CRUX is an up and coming new asset management company, established in 2014 by Richard Pease and James Milne, both previously of Henderson. Their CRUX European fund is on the Chelsea Selection. The company acquired Oriel Asset Management's three equity portfolios in January 2017: European, global and UK equity funds.”