UK-based Crux Asset Management has agreed to acquire local firm Oriel Asset Management from City Financial.

Oriel’s funds and employees will be absorbed by Crux as part of the deal.

As a result, CFIC Oriel Global Fund, CFIC Oriel European Fund and CFIC Oriel UK Fund will move under CRUX and will be renamed as CFIC CRUX Global Fund, CFIC CRUX European Fund, and CFIC CRUX UK Fund, respectively.

Patrick Barton and Jamie Ward will remain managers of the CFIC Crux UK fund, while Richard Scrope will remain manager of the CFIC Crux Global Fund and the CFIC Crux European fund.

The funds’ investment strategy will continue to be the same, Crux said.

“We view this outcome as a significant step forward for our investors, our funds and our staff. Crux is fully committed to maintaining the integrity of our existing philosophy and process, and we will benefit from Crux’s investment expertise and marketing capabilities,” Barton said.

Richard Pease and James Milne, supported by Roland Grender, will continue to manage the CRUX European Special Situations and CRUX European funds.

Crux CEO Alistair Reid said: “The transfer of Oriel’s funds and team to Crux represents an excellent cultural and corporate fit for both businesses. It was important to us to bring in a team whose long-term performance mirrors the sustained outperformance of the Crux European Special Situations and Crux European funds.”