Fund manager Lansdowne Partners to buy $1.1 bln CRUX Asset Management - investor letter

LONDON, May 31 (Reuters) - London-based investment manager Lansdowne Partners LLP said on Wednesday it had agreed to acquire the $1.1 billion UK equities manager CRUX Asset Management, subject to regulatory approval, according to an investor letter seen by Reuters.

Landsdowne's purchase, the value of which remains undisclosed, serves as a succession plan for CRUX's founder, Richard Pease who will retire when the deal is completed, the letter said.

Both firms actively invest in global stocks with a range of different strategies including some open to retail investors.

Lansdowne, which manages $7 billion worth of assets, will take all of the funds currently managed by CRUX, and other than the strategies managed by Pease, CRUX employees and management will remain in their current positions, the letter added. (Reporting by Nell Mackenzie; editing Dhara Ranasinghe)