UK-based fund manager Premier Asset Management Group has closed its previously announced combination with local peer Miton Group.
The merger creates a combined firm with £11.1bn in assets under management. The merged entity will operate as Premier Miton Group.
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The deal closed following the clearance of the local court.
Premier Miton CEO Mike O’Shea said: “The creation of Premier Miton Investors creates a new, broader, stronger and exciting UK asset management business.
“Our merger is based on a strong belief in the value that active management can deliver for clients and the conviction that, by bringing together the complementary investment skill-sets, client service platforms and financial strength of Premier and Miton, we will continue to create significant benefits for our existing and future clients.
“Combining our investment talent – including our distinctive specialisms in outcome based multi-asset solutions and high conviction active single strategy funds – results in a greater range of relevant funds for clients, across different asset classes and geographies, covering a diverse range of investment styles.”
The Premier- Miton merger was announced in September this year. Subsequently, the all-stock transaction secured shareholders’ and regulatory approvals.
Under the agreed terms, Premier shareholders will own around 66% of the combined bank, while the remaining stake will be with Miton shareholders.
