Chris White will take over the management of the Premier Income, Alpha Income and Monthly Income funds from Bill Mott and Neil Cumming at PSigma Investment Management next month.
White joined Premier from Threadneedle Asset Management in February. The three fund he takes over were part of a set that Premier acquired from Aberdeen Asset Management in July last year. The sale included management contracts for two Oeic fund umbrellas containing 10 open-end funds.
Initially, Premier outsourced the management to PSigma.
Simon Weldon, the managing director, sales and marketing, says Premier has been looking for a long-term solution to take the income funds inhouse.
“We were very happy with Bill [Mott] and Neil [Cumming] but like most investment groups, we want our funds to be run by an in-house team,” Weldon says. (article continues below)
Premier has strengthened its British equities team since the start of the financial crisis with the hires of Simon King and Chris Wright as well as White.
Earlier this year the group hired King to run its UK Thematic and Smaller Companies fund. Wright joined in 2008 from Thames River Capital, where he managed the Tybourne hedge fund and was part of the European hedge fund team.
Weldon does not expect to White to change the funds significantly over the short term. “The funds will be run in a very similar way but Chris [White] will put his own style on them,” Weldon says. Yet as time passes, White is likely to change the portfolio to take advantage of opportunities arising.