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Premier merges two of Hambidge’s multi-asset funds

David Hambidge 450
Premier’s David Hambidge

Premier Portfolio Managers has merged two of its multi-asset funds owing to their similar aims and small assets under management.

The £44.6m Premier Multi-Asset Growth fund was merged with the £22.1m Premier Multi-Asset Income & Growth fund on 22 March.

Both funds are managed by Premier’s multi-asset team, which is led by David Hambidge and includes head of research Ian Rees and senior investment managers Simon Evan Cook and David Thornton.

Premier has merged the larger fund into the smaller because the Premier Multi-Asset Income & Growth fund has the potential to provide a higher regular income for investors rather than concentrating on growth alone.

In a letter to shareholders, the firm says: “The discontinuing fund and the successor fund each have similar investment objectives, investment policies and powers.

“By bringing the two funds together, we believe the overall costs to investors will reduce due to the economies of scale and efficiencies that can be obtained from the management of a larger combined fund.”

The Premier Multi-Asset Income & Growth fund is ranked first quartile in the IMA Mixed Investment 40%-85% Shares sector over one, three and five years to 28 February. In 2012, it returned 17.2 per cent compared with the 10 per cent average of its peer group.

The Premier Multi-Asset Growth fund has also outperformed the same sector over one, three and five years.

Chelsea Financial Services managing director Darius McDermott says: “It is good to see groups doing this if it is in the best interests of shareholders.”

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