Premier Miton has cut the charges on its Premier Corporate Bond Monthly Income fund after its new fixed income team took the reins.
As of today (August 10) the annual management charge for class A income shares has reduced from 1 per cent to 0.65 per cent, dropped from 0.75 per cent to 0.40 per cent for class B income shares and reduced from 0.65 per cent to 0.30 per cent for class C income shares.
It comes as the fund house welcomes its new fixed income team and prepares to launch two further funds next month.
The team is led by Lloyd Harris, whose appointment was announced earlier this year after he was let go from Merian Global Investors during its takeover by Jupiter Asset Management.
Mr Harris takes the reins of the Premier Corporate Bond Monthly Income Fund alongside co-manager Simon Prior, also a former Merian colleague.
The Merian team was let go when Jupiter outlined its roadmap for its funds post-takeover. Although it kept the majority of Merian’s flagship strategies intact, some six fund managers were let go in the move.
Neil Birrell, chief investment officer at Premier Miton, said: "We are looking forward to the planned launches in September 2020 of two funds which will be similar to the funds that Lloyd and his team ran successfully during their time at Merian Global Investors.
"These new funds, which we are currently seeking approval for, combined with the existing Premier Corporate Bond Monthly Income Fund and Premier UK Money Market Fund, will allow us to offer the proven investment capability of Lloyd and our expanded fixed income team across very distinctive types of fixed income investment strategies."
Jupiter announced it was to acquire rival fund house Merian Global Investors in February this year for £370m, all via shares in Jupiter.
Merian shareholders will own a combined 17 per cent of the business after the takeover is completed and the five fund managers who were major shareholders in Merian will own about 1 per cent of the combined company.
Premier Miton has recently gone through its own merger. The mid-tier fund house was formed when Miton Group and Premier Asset Management agreed to merge in September last year.
rachel.mortimer@ft.com
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