Premier to step back from ACD services

Premier Asset Management will quit its role as authorised corporate director for US-based fund house Sentinel’s £221.7m Oeic.

Instead, the administration and backroom work will be done by Margetts Fund Management.

Premier says the move is to try focus on its core business of running money. It will continue to manage the £69.7m Sentinel Defensive and £95.6m Universal Portfolio funds in its role as investment adviser to Sentinel.

The remaining £56.4m of the Oeic is in the Sentinel Enterprise sub-fund, which is run by Margetts.

A Premier spokeswoman says: “Premier Asset Management’s business strategy is focused on managing and distributing its own range of mutual funds and it has therefore made the decision to step down from this ACD arrangement and allow investors to receive ongoing ACD services from Margetts Fund Management.”

The change will be completed, subject to regulatory approval, in September.

Premier is still the authorised corporate director for the ConBrio fund which holds the ConBrio Managed Multi-Asset, BEST Income, UK Opportunities, UK Smaller Companies and the ConBrio Sanford DeLand UK Buffettology subfunds.

The firm has no intention of ending its ACD services with ConBrio, the spokeswoman says, despite Premier’s move to streamline its business toward investment management.