David Jane and Anthony Rayner will take over a pair of fund-of-funds as Premier Miton announces a shake-up of its multi-manager product range and slashes fees across six funds.
Following a review, Premier has decided to pull the £652.9m Multi Asset Growth & Income and £92.6m Multi Asset Conservative Growth funds out of its multi-manager range. The team, which is led by David Hambidge and Ian Rees, had overseen 10 funds.
The funds will now sit in the group’s multi-asset range where they will be managed by Jane (pictured) and Rayner from 1 February 2021.
The manager handover comes as Premier Miton announces Simon Evan-Cook, a fund manager in the multi-manager team who co-managed the former funds with Hambidge and Rees, is set to depart.
Evan-Cook will be replaced by Wayne Nutland, who joined Premier from HSBC Global Asset Management in September 2019 as head of managed index solutions and who will now sit in the multi-manager team. He takes his Managed Index Balanced fund with him, bringing the total number of funds overseen by the group to nine.
Multi-manager funds see fees shake-up
Charges for the two fund-of-funds being transferred to Jane and Rayner will be reduced.
The Multi Asset Growth & Income fund, which had an OCF of 1.33%, according to Trustnet, will now be priced at 1.00%. This is the same as Jane and Rayner’s Balanced Multi Asset fund, to which it will follow a similar asset allocation strategy .
The pricier Conservative Growth fund will see its OCF drop from 1.50% to 0.88% as its asset allocation strategy is brought in line with the Defensive Multi Asset fund.
A handful of other funds managed by the multi-manager team will see their charges capped as a result of the recent review, Premier Miton added.
The £142.9m Multi-Asset Absolute Return fund will have a new OCF cap of 0.99%, which is 0.22% lower than its current OCF of 1.21%, from 31 March 2021. From the end of June 2021, the £1.1bn Multi-Asset Distribution fund will have a new OCF cap of 1.20% compared with the current 1.54% OCF.
The Premier Miton Liberation range, which is also managed by Hambidge and Rees’ team, will have an OCF cap of 0.99% next month, as previously flagged last year.
Commenting on the changes, chief executive Mike O’Shea said: “The cost of investing is a key consideration for advisers and individual investors, alongside achieving good investment outcomes.
“Following a review of our multi-manager funds, we believe we have found ways to deliver even more value for our clients without adjusting the risk profile of our funds or their ability to deliver the strong results for which the team has become recognised.”
Jane and Rayner’s fledgling multi-asset fund to be given sustainable makeover
Separately, Premier Miton revealed Neil Birrell, who runs the Diversified multi-asset range, would retool Jane and Rayner’s Multi Asset Balanced fund to follow a sustainable investment approach.
The fund has struggled to grow assets since launching three years ago, sitting at just £2.4m, according to Trustnet.
It will follow a similar allocation to Birrell’s £228.5m Diversified Growth fund and Birrell will collaborate with the equity, fixed income, property shares and alternative managers that form the Diversified team.
