Update: CRUX hires LGIM UK equity manager Richard Penny

Spent 14 years at LGIM

Richard Pease's boutique firm CRUX Asset Management has recruited Legal & General Investment Management (LGIM) fund manager Richard Penny.

Crux will be launching a new UK mandate to be run by small and mid-cap specialist Penny (pictured). "There will be a new fund launch when Richard arrives, the shape and form of which has yet to be decided," said Crux marketing and communications director Giles Kidd-May. "He is a mid and small-cap manager so it will run along the lines of what he has been doing for the past 15 years. We are not here to reinvent him.  "Crux is looking to diversify so it is not just known as a European house. It will be a good home for Richard." Penny has worked at LGIM since 2003 and was senior fu...