The move will see CSAM boosted from fifth-largest multi-manager product provider to third-largest.Managed by Kearney and Robert Bowie, the Premier Funds range consists of eight subfunds and was launched in February 2002. Artemis product and communications director Nick Wells says: “The sale is in respect of assets only. Aidan and Robert are to take a short break.” Assets under management in the eight funds range from £8.5m (Multi-Manager Ethical fund) to £22.3m (Multi-Manager International Growth fund) at March 1, and performance has generally been above-average since launch. Artemis managing director Richard Turpin says the company has reconsidered its strategy in the multi-manager arena, and concluded it is no longer core to its ambitions in the retail marketplace. Wells adds: “As a business our directly invested retail funds are core and we are focusing on these. In addition, we have capability on the institutional side and in hedge funds. Artemis offers high-alpha, high-conviction products.” Six of the eight funds are first or second-quartile in their respective IMA sectors since launch, according to Standard & Poors. Performance in the past year is not as good, with only half the funds in the top 50%. Ian Chimes, managing director at CSAM, says: “Eventually the funds will be managed by our multi-manager team, led by Gary Potter and Robert Burdett. The acquisition demonstrates our commitment to be market leader in the multi-manager arena. As and when future opportunities come up for further growth, we will seriously consider them.” He says CSAM is working on a transition plan that will be made public in the next few weeks, and that the full plans will be sent out to intermediaries in due course.