Thesis Unit Trust Management Limited (Tutman), an independent Authorised Fund Manager (AFM), CRUX Asset Management Limited (CRUX), an independent fund management company, and Sanditon Asset Management Limited (Sanditon), an independent investment management firm, have transferred two Sanditon funds to CRUX.
The board of Sanditon has made the decision to wind up the company and has elected to retire as manager of these funds. Tutman has selected CRUX as the successor. As a result, the investment manager of TM Sanditon European Fund and TM Sanditon UK Fund will change from Sanditon to CRUX, subject to the necessary regulatory approvals, which are anticipated at the end of November 2019. The funds will be rebranded as TM CRUX European Opportunities Fund and TM CRUX UK Opportunities Fund.
The TM CRUX European Opportunities Fund will be managed by Richard Pease and James Milne, supported by Roland Grender, and will see no changes to its objectives or mandate.
Jamie Ward will manage the TM CRUX UK Opportunities Fund alongside the TM CRUX UK Fund which he currently manages. The investment objectives of the fund will remain the same.
The funds are managed on a bottom-up basis and are unconstrained by benchmarks. They are characterised by a focus on long-term investment returns with an emphasis on risk management and capital preservation.
In addition to the two long-only funds referred to above, Sanditon is the investment manager of the TM UK Select Fund and TM Euro Select Fund. These two funds deploy different strategies involving both long and short investment techniques designed to deliver different investor outcomes. Sanditon and Tutman therefore elected to make alternative arrangements for these two funds which have been communicated to investors directly.
Mark Little, Director of CRUX Asset Management, says: “The transfer of Sanditon’s funds to CRUX represents a sound solution for investors given Sanditon’s decision to cease managing these funds. The CRUX European and UK investment teams have a demonstrable long-term track record of delivering excellent returns for investors.”
Sanditon Chief Executive Rupert Tyer says: “Once the board of Sanditon had made the decision that they were unlikely to grow profitably over the next few years, our sole focus was to find an efficient and timely solution to ensure that investors were not disadvantaged in any way. We have worked with our AFM, Thesis Unit Trust Management and CRUX with the objective of delivering that outcome.”
Thesis Unit Trust Management Chief Executive David Tyerman says: “Our focus has been on achieving a good outcome for our investors, and we are pleased to effect a no-cost, seamless transition from one management group to another. Both firms have identical target markets, similar styles and culture, and we are grateful for their professionalism throughout the process.”
