Premier Asset Management has agreed the purchase from Aberdeen, the management contracts for two OEIC fund umbrellas containing 10 open-ended former Credit Suisse funds. The fund management contracts cover more than £850 million of assets taking Premier’s total assets under management to approximately £2.3 billion.
Premier had said that as part of a new strategic alliance with PSigma Asset Management, Bill Mott and his team will act as the investment adviser to Premier for the former CS Alpha Growth, CS Alpha Income, CS Income and CS Monthly Income funds (the latter being the two funds Bill previously managed at Credit Suisse).
During the transition period, investors in the funds can rest assured they will continue to be managed by the global investment management resources of Aberdeen. It is intended that these changes will come into effect by 31st July 2009.
Mike O’Shea, CEO, Premier Asset Management, said: “This acquisition of contracts is important to us but just as important is making sure investors feel very much at home. The whole process of moving will, no doubt, is helped by Premier’s alliance with PSigma. With the funds that this deal brings, we believe Premier is able to offer an even more impressive range to investors. The remaining funds moving from Aberdeen will be passed to key members of the Premier investment team including CIO Paul Branigan, Head of Fixed Income Paul Smith and Head of Global Equities Mike Jennings. Premier is also in the process of strengthening its UK equity team in the mid and small cap areas.”
Completion of the deal is subject to regulatory and Premier shareholder’ consent.
