Julie Dean will step down as manager of the TM Sanditon UK Fund, and Sanditon's funds will be transferred to CRUX at the end of November 2019, subject to regulatory approval. At this point Sanditon Asset Management will close down its business.
Why is this happening?
Sanditon was set up and co-founded by Chris Rice in 2013, and he's run the group's flagship TM Sanditon European Fund since launch in 2014.
Julie Dean joined the group later to manage the TM Sanditon UK Fund, which launched in June 2015.
Overall Sanditon is a profitable business. Ideally though, its founders would prefer the business to grow from its current size, but it's struggled to grow assets in recent years. In light of this, the team at Sanditon feel it's in the best interests of investors to transfer its assets to another group.
Who are CRUX?
CRUX was set up by Richard Pease in 2014 and it's since become a well-established business. It was originally set up as a European equity specialist, but over time it's aimed to diversify its product range. It now offers a range of European and UK funds.
We view CRUX as a high-quality European investment house. The FP CRUX European Special Situations Fund currently features on the Wealth 50, though none of the group's UK funds are on the list.
What does this mean for investors?
The TM Sanditon UK Fund will transfer to CRUX and be taken over by Jamie Ward. It will remain separate from the other fund he manages, the TM CRUX UK Fund, and be renamed as TM CRUX UK Opportunities. Similar to Dean's fund, Ward has tended to run portfolios made up of a fairly small number of companies which means each one can have a significant impact on performance, though it's a higher-risk approach.
That said, there will be differences in the way the fund is managed, so it'll eventually look different to the way it's currently invested. Existing investors should consider whether the fund continues to meet their objectives.
We remain in contact with both Sanditon and CRUX, and will update clients if there are any further changes. The TM Sanditon UK Fund doesn't currently feature on the Wealth 50 list of our favourite funds.
This article isn’t personal advice. If you’re not sure of the suitability of an investment for your needs, seek advice.
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