Premier Asset Management is looking to take on some of the assets of the Legg Mason Investors Intern...
Premier Asset Management is looking to take on some of the assets of the Legg Mason Investors International Utilities Trust, which is winding up before the end of the year.
The board of the £177m split cap announced on 2 September that it was looking at providing shareholders the option of a rollover vehicle or cash. As yet, it is not clear who will be running the vehicle as neither Premier nor Legg Mason were prepared to comment on the issue.
Legg Mason has shown itself willing to sell off non-core assets. In April this year, the mandate for the £23m Legg Mason Enterprise investment trust went to Schroders and in November 2002, it sold its funds of funds business to Miton. In recent months, Legg Mason has been focusing increasingly on its European sales, in particular the US funds run by Bill Miller.
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