Crux Asset Management has hired former Legal & General Investment Management (LGIM) portfolio manager, Richard Penny, the independent asset manager has announced.

Penny (pictured below) joins Crux from LGIM where he was senior fund manager within its high alpha team.

Citywire Selector has learned that Crux is set to launch a new fund for Penny later this year but no further details are available at this time.

During his time at LGIM, Citywire + rated Penny managed the Legal & General UK Special Situations and Legal & General UK Alpha funds.

Prior to this, Penny worked for both M&G and Scottish Amicable.

Commenting on the appointment of Perry, Crux AM’s CEO, Alistair Reid said: ‘During his long tenure at LGIM, Penny has displayed exemplary skill as a fund manager and his expertise in managing mid and small-cap UK equities will complement and strengthen our investment proposition.'

LGIM confirmed the departure of Penny and said he will continue to work during a short-term transitional period to handover his active equity funds.

This will see the UK Alpha fund handed to Rod Oscroft, who is co-head of active equity. Meanwhile, Gavin Launder will take over the L&G UK Special Situations fund on an interim basis while a permanent replacement can be secured.