Fund manager sues Henderson over pay dispute

Pound currencyEuropean fund manager Richard Pease is suing his former employer, Henderson Global Investors, claiming the firm owes him £2.7 million (€3.4 million) over a two-year period. Pease claims that the firm breached the terms of his contract as it failed and refused to pay him £2.7 million between 2012 and 2014. The claim, initially reported in The Sunday Times, shows the total fees that Pease made while running three funds, including the European Special Situations Fund. Pease joined Henderson following the firm’s acquisition of New Star but left in October 2014 to set up his own boutique, Crux Asset Management. According to High Court papers, Pease was entitled to half the management fees paid on the three funds he managed, said to have amounted to around £14 million. When Pease left to form Crux, he was allowed to take his European Special Situations Fund with him, a highly successful fund that returned over 90% between 2009 and 2015. Henderson confirmed the action but declined to comment further. ©2016 funds europe

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