Premier Miton has cut the annual management charge on the Premier Corporate Bond Monthly Income fund on manager Lloyd Harris’ first day at the firm after leaving Merian Global Investors.
Harris started at the firm on Monday as head of fixed income along with Simon Prior, co-manager on the fund, and Rob James who all previously worked at Merian.
Premier Miton announced on Monday it has shaved 35 basis points off the AMC for three share classes of the fund. The AMC for class A income shares has dropped from 1% to 0.65%, while for class B income shares it has fallen from 0.7% to 0.4% and for class C income shares from 0.65% to 0.3%.
| Share class | Existing AMC | New AMC |
| Class A income shares | 1% | 0.65% |
| Class B income shares | 0.75% | 0.40% |
| Class C income shares | 0.65% | 0.30% |
Source: Premier Miton
Harris, James and Page, as well as Przemyslaw Pietraszek, left Merian ahead of the firm’s acquisition by Jupiter Asset Management last month.
Their departure came after Jupiter revealed its own managers would take on the £439.25m Merian Corporate Bond fund, previously managed by Harris and Prior, and the $393.75m Merian Financial Contingent Capital fund, also managed by Harris along with James.
See also: Merian bond team shunned by Jupiter to join Premier Miton
The team also previously managed the Merian Monthly Income Bond fund.
Premier Miton is developing similar strategies for the team to manage, expected to be launched in September.
Premier Miton chief investment officer Neil Birrell said: “We are very excited about Lloyd, Simon and Rob starting at Premier Miton. And we are pleased to be reducing the annual management charge of the Premier Corporate Bond Monthly Income fund.
“We are also 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.”
