Premier Asset Management proposes fund changes

Premier Asset Management has proposed changes to four of its funds, subject to shareholder approval, at the next extraordinary general meeting.

If the proposed changes are cleared at the meeting, scheduled for December 16, they will come into effect from December 19. This is also the date on which the Premier Environmental Power and Water fund will be renamed the Global Power & Water fund.

Premier’s Global Strategic Assets fund will undergo a change of investment objective, strategy and name if the necessary approval is secured.

The fund’s name would be changed to the Global Strategic Growth fund and the investment objective and policy would be amended to read “to achieve long-term capital growth.”

A second proposal to change the investment objective and policy of the Global Alpha Growth fund will also be heard. A new objective, reading “to achieve capital growth from a focussed portfolio of global equities” would remove constraints to some investment opportunities, says Premier.

Premier will also argue the case for removing the stipulation on the Strategic High Income Bond fund that at least 50% of the portfolio must be invested in investment grade bonds.

The final proposal relates to the investment policy of the UK Strategic Growth fund. The proposal is to remove restrictions on indentifying high-growth generating themes and the maximum amount that can be held in cash, currently 10%.