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Artemis sells multi-manager business to Credit Suisse

Artemis has sold its 134m multi-manager Premier funds business to Credit Suisse Asset Management.

The umbrella fund of funds structure comprising 8 sub funds and the associated discretionary management service is expected to transfer to CSAM in May.

Artemis managing director Richard Turpin says Artemis has reconsidered its multi-manager strategy, and that the Premier Funds business is no longer core to its retail ambitions.

Turpin says: “I believe that investors who choose multi-manager products are best served by a business which is clearly focused and committed to expanding in this specialised area of the market.”

CSAM managing director Ian Chimes says: “This acquisition will substantially increase our multi-manager funds under management, demonstrating our commitment to the UK multi-manager market.”

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