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Mott goes full circle

Leading fund manager Bill Mott has been reunited once more with the Credit Suisse income range after Premier Asset Management struck a deal to buy 10 funds from Aberdeen Asset Management.

The deal, which is subject to regulatory and Premier shareholder approval will see over £850m of assets under management pass over to Premier.

Premier has announced a strategic tie-up with PSigma Asset Management, which will see Mott and his team act as investment adviser for the flagship income range.

This includes the Credit Suisse alpha growth, alpha income, income and monthly income funds that were captained by several managers in the past few years including Leigh Harrison and Errol Francis.

It is understood that Credit Suisse’s most recent income head Graham Ashby has now left the company to join LV= Asset Management.

The remaining funds moving from Aberdeen will be passed to key members of the Premier investment team including CIO Paul Branigan, head of fixed income Paul Smith and head of global equities Mike Jennings. More appointments are expected.

Mott enjoyed an 11-year stint managing Credit Suisse’s high profile income fund from 1985 to 1996 with a brief repose before taking control again between 2000 and 2003.

He eventually left Credit Suisse in 2006 before setting up PSigma Asset Management alongside former colleagues Ian Chimes and Graham Fuller in February 2007 as a 50-50 joint venture with Punter Southall Group, which set up PSigma Investment Management in 2002.

Despite welcoming Mott’s rekindled affair with the income funds, advisers say he will not have day-to-day involvement, according to a correspondence with PSigma Asset Management.

Hargreaves Lansdown senior analyst Meera Patel says the funds have made a veritable U-turn with Mott back on board but says income and growth manager Neil Cummings will be primarily responsible for the funds’ physical transactions.

She says: “We have been told that Neil Cummings is going to be the day-to-day manager of those four funds. Bill will be liaising with Neil and providing ideas but it will be Neil’s responsibility with whatever ideas he goes with.

“Neil has been there for six years if not longer and we have met him in the past through Bill and the wider PSigma business.”

What do you make of Mott’s so-called return to the funds?

Let us know your thoughts by clicking on the comments box below.

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