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.
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by Gavin Lumsden on Oct 23, 2016 at 00:01