Peter Webb's Unicorn Asset Management has resigned from the management of the Premier Asset Managem...
Peter Webb's Unicorn Asset Management has resigned from the management of the Premier Asset Management UK Smaller Companies fund and is to launch its own version.
Run along similar lines to the Premier UK Smaller Companies, the new portfolio could be launched as early as the end of May, Webb said.
He will continue to manage the Premier fund until his contractual agreement to do so runs out on 31 October.
Premier said it was in discussions with at least two institutional fund managers with smaller companies capabilities, and hopes to name a replacement during the summer.
The Unicorn UK Smaller Companies fund, Webb said, will build on Unicorn's track record of investing in companies at the very small and micro-cap end of the market.
Unicorn operates highly focused portfolios of around 25-30 stocks using a growth at a reasonable price process.
It will be the third sub-fund launched under the company's Oeic umbrella.
Last year Unicorn soft launched Free Spirit, which invests across the market capitalisation spectrum as well as Mastertrust, a fund of investment trusts.
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