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Jupiter preference fund taken over by Premier

Jupiter is to hand over management of its £2.5m preference fund to Premier Port-folio Managers next month.

Premier will rebrand the fund, which is currently managed by Laurie Petar, the Premier preference fund when it takes the reins on April 27.

Premier will look to merge the portfolio with its £54m absolute growth fund.

Due to the small size of the fund, Jupiter says fixed costs, such as annual audit and regulatory fees, mean it would be more efficient for Premier to take on the portfolio to provide a far more efficient economy of scale to unitholders from a much bigger fund.

The new portfolio will be managed by Paul Branigan, who will be supported by Paul Smith and Howard Crossen from the Premier fixed-income team.

Premier managing director of sales and marketing Simon Weldon says: “The acquisition of the Jupiter preference fund will give investors access to one of the leading investment management teams in this specialist area of the market. In due course and subject to shareholder consent, we expect to merge the fund with our existing offering, which will give investors increased liquidity, more investment choice, greater diversity and reduced costs.”

Jupiter head of communications Alicia Wylie says: “We made this decision to offer investors a better economies of scale, with this fund being the only one in our retail range below £10m.”

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