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Premier to merge three funds after naming new CIO

Premier Asset Management has appointed a new chief investment officer and unveiled plans to merge three funds into a single global equity portfolio.

Neil Birrell joined Premier in January and has over 25 years of investment experience including as CIO of Framlington Asset Management. He will become the firm’s new CIO after Mike Jennings departs. Jennings will leave the company after “an orderly handover” to pursue other opportunities. He has been with the firm since 2008.

Premier chief executive Mike O’Shea says: “We are grateful for Mike Jennings’ contribution during his time at Premier and we are pleased to be able to appoint such an experienced and capable CIO as Neil Birrell.”

The firm also plans to merge the £56.2m Premier Global Strategic Growth, £18.4m Premier Global Alpha Growth and £8.7m Premier China Enterprise funds, subject to subject to regulatory and shareholder approval.

This will form a single global equity fund “with critical mass” and managed by Jake Robbins.

O’Shea adds: “The proposed creation of a new, larger Premier global equity fund is designed to help us ensure we are well placed to deliver the best possible investment value to clients in this area.”

Hargreaves Lansdown senior investment manager Adrian Lowcock says the move to create a larger fund could be beneficial to the firm and investors.

He says: “With smaller funds, you are losing performance through costs and charges. It does not help the fund manager because performance looks terrible and the client is just paying huge charges.”



BSA calls for cash Isa allowance to be doubled

The Building Societies Association is calling for the cash Isa allowance to be doubled to £11,520 in a major overhaul of the system. Savers can put up to £5,760 of their annual £11,520 Isa allowance into cash or the entire amount into stocks and shares. The BSA is also calling for the Government to introduce […]


Friends Life sales flat as new business profits surge 41%

Friends Life has reported flat sales in its UK division during the first nine months of 2013, with the profitability of new business written increasing by 41 per cent. Friends Life’s third quarter interim management statement, published today, reveals total sales for the first nine months of the year increased 2 per cent, from £513m […]


CII looks to toughen up criteria for chartered firms

Firms could be required to employ more chartered individuals in order to qualify as a corporate chartered firm, under proposed guidance published by the Chartered Insurance Institute today. The CII has published a consultation paper to determine future standards after announcing in June it was carrying out a review to ensure standards meet customers’ expectations. […]

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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