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Artemis sells Premier multi-manager fund range to Credit Suisse

Artemis has sold its multi-manager Premier Funds business to Credit Suisse Asset Management.

The management of the funds is expected to transfer to Credit Suisse in May.

Artemis says a review of its strategy in the multi-manager arena concluded that the Premier Funds business is no longer core to the company’s ambitions in the retail marketplace.

The multi-manager Premier funds business became part of Artemis when it merged with ABN Amro. It was reviously owned by Singer & Friedlander.

The funds have always been run by Aidan Kearney. There are eight portfolios managing a total of £134m – UK growth, UK equity income, fixed interest, ethical, international growth, conservative, balanced and growth.

Kearney is expected to stay at Artemis until the funds are transferred but will be stepping down after that.

An industry source says that Kearney’s performance has not been an issue and that his departure is more to do with Artemis’ change of strategy.

Credit Suisse Asset Management managing director Ian Chimes says: “We announced the deal a couple of hours after signing. We will now be spending a lot of time reviewing the funds and seeing how the two sets will fit together under our team.”

Chelsea Financial Services managing director Darius McDermott says: “Although multi-manager is a growing part of the industry, with the entry of big groups such as Schroders and Credit Suisse there was always going to be some consolidation going on. This move is not hugely surprising, given that Credit Suisse are one of the biggest multi-managers in the business. Artemis’ core business is very much equities and bonds and I would think that they want to focus on those, either that or they have had problems with distribution.”

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