Premier Asset Management will purchase 10 open-ended mutual funds from Aberdeen Unit Trust Managers, the U.K. retail arm of Aberdeen Asset Management, with combined assets of £858 million ($1.39 billion), for £23 million, the two firms announced today.
The funds are part of the 190 funds with combined assets of £36 billion that Aberdeen purchased in December 2008 from Credit Suisse.
Pending regulatory approvals, management of the funds will be transferred by July 31.
Four fixed-income funds — Aberdeen Income, Aberdeen Monthly Income, Aberdeen Alpha Income and Aberdeen Corporate Bond Monthly Income — and six growth equity funds — Aberdeen Alpha Growth, Aberdeen UK Mid 250, Aberdeen Fellowship, Aberdeen Managed Assets, Aberdeen Smaller Companies and Aberdeen UK Thematic — will be transferred to Premier.
Premier also announced a new subadvisory relationship with PSigma Asset Management under which Bill Mott, a former Credit Suisse portfolio manager who joined PSigma roughly three years ago, and his team will resume management of the Income and Monthly Income funds, which they oversaw at Credit Suisse, as well as the Alpha Growth and Alpha Income funds.
Premier CIO Paul Branigan; Paul Smith, head of fixed income; and Mike Jennings, head of global equities, will oversee the other transferred funds.