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Chief exec leaves in cru row

Chief executive of cru, Stuart Anderson, has left the company after differences with chairman Jon Maguire over the future strategy of the business.

Anderson joined the firm as regional sales manager in 2006 and became head of UK sales and chief executive last year.

Maguire says that most of the differences are down to cru’s growth in the African market. The firm launched two sub-Saharan Africa products investing in the agriculture and food produce sectors earlier this year.

Maguire, who becomes chairman and chief executive, believes the investment case for Africa stands above any other as “food is the new gold”. He says: “I think Stuart did not really understand the direction we were taking the business, which was a shame because we did not want to lose him.

“Africa agriculture is a growing part of our business. However, he felt the need for the likes of a finance and sales department out there, which I felt was a duplication of resources.It is an area with unlimited prospects but to establish the most joined-up African agriculture business, you have to go farming out there. What we hope to have is a full open-ended retail fund by early next year.”

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