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Premier acquires LeggMason portfolio

Premier Asset Management has bought LeggMason Inves tors Asset Managers&#39 £55.8m private discretionary portfolio business.

The deal, worth up to £3m, is subject to the transfer of client funds under management which will take place with effect from next January.

If all the client funds are transferred, Premier estimates its turnover could be increased by up to £780,000 before exp enses in a full financial year.

Joint managing director Jonathan Fry says: “The acquisition will significantly inc rease the size of our own private client portfolio management business, providing us with the opportunity to really dev elop this into a core service for clients.”

LeggMason chief executive Rebecca Thomas says: “Premier believes this addition gives them the necessary scale to provide an excellent service to private clients and I am pleased we have placed our discretionary business in such capable hands.”

Premier&#39s technology fund is being offered with no initial charge until the end of Dec ember, regardless of whether it is purchased thr ough an Isa.

The company says the fund, which invests in a wide range of international stocks, has achieved growth of 267.91 per cent in the last two years.

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