Henderson director of European equities Richard Pease is leaving the firm to join new venture Crux Asset Management, taking his £1.1bn European Special Situations fund with him.
Pease, who helped to set up New Star Asset Management in 2001, manages more than £2bn for Henderson, including the European Special Sits fund which he brought with him when the firm bought New Star in 2009.
The fund will now transfer to Crux, a move the new firm says will not result in a capital gains tax charge for investors. Pease will remain with Henderson in the coming months to ensure an orderly transition.
Henderson's James Milne, co-manager of European Special Sits, will also be moving to Crux as a result of the deal. The firm will also recruit an analyst in the coming months to support the pair.
Pease's £1bn European Growth and Horizon European Growth funds will now be run by co-manager Simon Rowe, supported by the firm's European equities team led by John Bennett.
Crux will be headed by chief executive Alistair Reid, formerly of Thornhill.
Former Henderson salesman Mark Little will lead distribution for the firm, with former Jupiter man Giles Kidd-May leading a marketing push.
Pease said: "I am delighted to be involved in the launch of a new business which will allow me to continue managing the portfolio that I have been responsible for since the autumn of 2009.
"The team and I are very excited about being involved in a business in which we can be involved in the augmentation of the structure and also work with like-minded people."
European Special Sits has returned 52.4% over the three years to 3 October, according to Morningstar, compared with a 51.5% average return for the IMA Europe ex-UK sector.