View the article online at http://citywire.co.uk/money/article/a885475
Richard Pease sues Henderson in £2.7m contract row
European fund manager's clash with former employer shines a light into pay practices at City of London investment firms.
The Citywire A-rated fund manager claims Henderson breached the terms of his contract as it ‘failed and refused’ to pay him £2.7 million between 2012 and 2014, according to the High Court claim seen by the paper.
Pease (pictured) joined Henderson following its acquisition of New Star but quit the firm in October 2014 to set up his investment boutique Crux Asset Management.
The court papers reveal Pease – who is being represented by law firm Spring Ferguson – was entitled to the half the management fees paid by investors on the three funds he managed, which is said to have amounted to almost £14 million between 2009 and 2015.
As part of the arrangement he was allowed to take his European Special Situations fund, which had £1.2 billion in assets under management at the time, with him to Crux. It charges 1.5% a year.
News sponsored by:
Making the most out of Europe's potential means seeing things differently. Learn more about how BlackRock's focused approach to investing in Europe helps investors unlock the continent's vast potential.
In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.
More about this:
Look up the funds
Look up the fund managers
More from us
- Managers race to raise money with three fund launches
- Richard Pease quits Henderson, taking fund with him
- Henderson's Richard Pease softens bearish banks stance
- No more money Pease for our £1bn European fund!
What others are saying
Tools from Citywire Money
From the Forums+ Start a new discussion
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add firstname.lastname@example.org to your safe senders list so we don't get junked.