Chris White, who ran two UK equity funds at Premier Miton, is leaving the firm where he has worked for almost a decade.
Mr White ran the £306m Premier Income and the £197m Monthly Income funds, and was co-manager of the £100m Premier Optimum Income funds.
He joined Premier in 2010.
His role as manager of the funds will be taken on by Eric Moore, who runs the £168m Miton Income fund at the firm.
When Premier and Miton combined via a merger on November 14, the Premier chairman and chief executive were selected to head the business.
But the latest change will see a fund manager from the original Premier business be replaced by a manager from the original Miton business. Premier shareholders own more of the combined business.
A statement from Premier Miton said Mr White had chosen to leave.
His funds all enjoyed a strong period of performance in 2019, compared with being among the worst funds in their respective sectors in 2018.
Mr Moore’s fund has underperformed relative to its sector over the past one and three years. Over three years it has returned 8 per cent, compared with 15 per cent for the sector.
Commenting on the changes, Premier Miton’s chief investment officer Neil Birrell said: “I would like to thank Chris White for all his hard work in his role with us as manager of UK equity income funds. Chris has already had a long and distinguished investment career and he leaves with our very best wishes for his future roles.
"I am delighted we are able to appoint Eric Moore as manager of these funds. Eric is a highly experienced fund manager with a very strong track record for delivering good and growing dividends from an actively managed UK equity income portfolio and we look forward to him continuing to deliver good outcomes for investors in these funds.”
As a result of the changes, Mr Moore will be running three separate products which invest in UK equities that each have the word Income in the name but change could be in the works.
A representative of Premier Miton said: “Following the appointment of Eric Moore as manager of Premier Income and Premier Monthly Income alongside the FP Miton Income Fund, we are considering the optimum fund range to offer investors.
"These three funds will be managed by the same fund manager employing the same investment approach, so there is clearly scope for some harmonisation from an investment and client cost point of view.
"As it stands they all offer something different in the form of either monthly, quarterly or half-yearly dividend payment for income-seeking investors.”
david.thorpe@ft.com
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