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Electra acquires GBP910m FUM for Premier Asset Management

Electra Partners and its portfolio company Premier Asset Management have completed the acquisition from Aberdeen Asset Management of the management contracts for two Oeic fund umbrellas containing ten open-ended former Credit Suisse funds. 

The fund management contracts comprise GBP910m of assets taking Premier’s total assets under management to approximately GBP2.5bn. 

The transaction was for a consideration of GBP23m and was equity funded by Electra Partners.
Alex Cooper-Evans (pictured), investment partner of Electra Partners, says: “Since the beginning of the downturn we have concentrated on protecting and enhancing our portfolio. This bolt on is a prime example of the strategy; it is transformational for Premier, has significant synergistic benefits and the potential for substantial upside for Electra.”
Mike O’Shea, chief executive at Premier Asset Management, adds: “We are very pleased to have brought on these new funds which will strengthen our franchise in the large UK equity income and UK growth sectors and give our clients an even broader range of products to invest in.”

The funds being transferred are: Premier Income Funds ICVC; Premier Income Fund; Premier Monthly Income Fund; Premier Alpha Income Fund; Premier Corporate Bond Monthly Income Fund; Premier Growth Funds ICVC; Premier Alpha Growth Fund; Premier UK Mid 250 Fund; Premier Fellowship Fund; Premier Managed Assets Fund; Premier Smaller Companies Fund; and Premier UK Thematic Fund.

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