Premier investment trust in manager change

Premier Fund Managers has reorganised the running of the Premier Energy and Water investment trust following the impending departure of manager Kevin Scutt.

Scutt – who joined Premier in 2005 – was previously co-manager of the Premier Global Power and Water fund and Premier Energy and Water investment trust.

The investment trust will now be managed within the global equities team by Andrew Whalley and Claire Burgess.

The pair will be backed by chief investment officer Mike Jennings and senior manager Jake Robbins.

Mike Jennings says Claire Burgess will join the global equities team, with Scutt due to remain in place on research and analysis during his six month notice period.

Jennings adds: “In terms of the asset allocation and portfolio there will be no radical change. What we will do aim to use the global equity process as a way to find new ideas.”

He says the change will not result in greater stock turnover, with the portfolio changing by “evolution rather than revolution”. Jennings says there a number of opportunities within both the energy and water sectors that he hopes to take advantage of.

In a market announcement, the trust’s board adds: “Premier consider that the increasingly international content of PEWT’s [Premier Energy and Water trust] portfolio will benefit from closer involvement with Premier’s other global equity managers.

“The directors have reviewed these arrangements and are satisfied with the resources that Premier has in place for the management of the PEWT’s investments.”