Premier to close European Growth in shake-up

Premier Asset Management is restructuring its fund range, including eight new changes, a change of mandate and the closure of its European Growth fund.

The group is merging European Growth into its Global DSR fund, which will be renamed Premier Global Alpha Growth.

If approved at an extraordinary general meeting next week, the changes will take place on October 30. (article continues below)

Both funds are managed by Mike Jennings, but European Growth has just £3.8m in assets under management while the DSR fund has £7.1m.

Premier is converting its £19.5m Premier UK Smaller Companies fund into an environmental portfolio, to be called Premier Environmental Power and Water. The fund will no longer be managed by Simon King, although a replacement manager has not been announced. The fund will be allowed to invest in derivatives and forward transactions.

Under fund renaming plans, Optimum Income will change to European Optimum Income, High Income Bond to Strategic High Income Bond, Managed Assets to Global Strategic Assets, Alpha Growth and Alpha Income to UK Alpha Growth and UK Alpha Income, UK Thematic to UK Strategic Growth and Fellowship to Ethical.

The changes stem partly from Premier’s acquisition of a range of funds from Aberdeen Asset Management, which had acquired them as part of the British and Irish business of Credit Suisse Asset Management.