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LeggMason and Premier lose star managers

LeggMason and Premier Asset Management have become the latest investment houses to be hit by high-profile departures, with the resignations of fund managers Chris White and Peter Webb respectively.

White, who runs Legg Mason&#39s monthly income and UK income funds, is leaving to head Threadneedle&#39s UK equity team.

Unicorn chief executive Webb has resigned from managing Premier&#39s UK smaller companies fund.

LeggMason international utilities trust manager Andrew Whalley will take over the running of its UK income fund and the 30 per cent segment of its monthly income fund not managed by sister firm Western Asset Management.

Premier has yet to line up a replacement for Webb – whose contract expires at the end of the year – and could even sell the £10m fund to smaller companies specialist firm Unicorn if it cannot find a suitable candidate to take over.

IFAs say the loss of Webb will hit Premier hard as he is rated as one of the top-performing managers but they believe LeggMason&#39s recent appointment of Keiran Gallagher as chief investment officer will go a long way towards softening the blow of White&#39s departure.

Hargreaves Lansdown inv-estment manager Ben Yearsley says: “Chris White will be a loss to LeggMason but with people like Keiran Gallagher it will not be too disruptive.

“However, Webb is a huge loss to Premier – even though the fund he managed was small – because he is such a topquality manager.”


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