UK - Electra-backed Premier makes £23m acquisiton
Electra Partners-backed fund manager Premier Asset Management has completed the acquisition of the management contracts for two OEIC fund umbrellas from Aberdeen Asset Management, for a total consideration of ТЃ23m.
The deal was funded with equity from Electra.
The two OEIC fund portfolios contain 10 open-ended former Credit Suisse funds. The contracts have £910m of assets under management, taking Premier's total assets under management to £2.5bn.
The acquisition is expected to strengthen Premier's franchise in the large UK equity income and growth sectors.
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