Premier Asset Management is acquiring LeggMason Investors' private client discretionary business. P...
Premier Asset Management is acquiring LeggMason Investors' private client discretionary business.
Premier is to pay up to £3m for the £55.8m under management, subject to how much of this transfers across. It presently holds £100m in private client discretionary business.
If every one of LeggMason's clients sign the management agreement, and all such funds are therefore transferred, Premier has estimated that its turnover could be increased by up to £780,00 before expenses in a full financial year.
The transfer of assenting clients and their funds will take place with effect from 2 January 2001.
Jonathan Fry, joint managing director of Premier, said: "The acquisition of LeggMason Investors' private client business will provide us with the opportunity to really develop this into a core service for clients. The new business will provide Premier with an alternative source of income from mutual funds.
"The two branches of Premier will enable us to offer a more holistic service to IFAs. We have found there is a demand from IFAs for this type of product and service."
There will be a trail fee on the service of 0.5%.
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