Acquisition

25 Jan 2006 15:01

Premier Asset Management PLC25 January 2006 Premier Asset Management PLC Acquisition Premier Asset Management Plc announces the acquisition of the management rightsattaching to the £43m Framlington Absolute Growth Unit Trust (the "Fund") for anundisclosed sum. The acquisition is subject, inter alia, to certain FSAapprovals. The Fund will be managed at Premier by Paul Branigan, who joins Premier witheffect from completion. Mr Branigan, who is currently Head of Closed End Fundsat Framlington Investment Management, has managed the Fund since its launch in2001. Commenting on the transaction, Mike O'Shea, Chief Executive of Premier AssetManagement Plc, said: "Since the acquisition of the business and certain assets of BFS in October lastyear, we have been keen to further strengthen both our fund management resourcesin the UK Equity sector and to increase our reach in the Zero DividendPreference Share market. This acquisition achieves both of these objectives bybringing a first class UK Equity manager into the team and adding an excellentperforming unit trust to our stable of funds. As the manager of the Fund, Paul will have full access to our significantin-house expertise in the zero dividend preference share sector, where wealready manage over £50 million of assets on behalf of private and institutionalclients. This can only help to maintain the performance of the fund he hasmanaged so well since its launch almost five years ago. Paul also has anexcellent track record in managing UK Equity mandates and he will continue thiswork at Premier within our investment funds business." Completion, which is subject to satisfaction of certain conditions referred toabove, is expected to take place on 7th April 2006. Enquiries: Mike O'SheaChief ExecutivePremier Asset Management PLCTel: 01483 306 090 This information is provided by RNS The company news service from the London Stock Exchange