The annual management charge (AMC) of the Premier Corporate Bond Monthly Income fund has been reduced across its class A, B and C income share classes, following the arrival of Merian Global Investors' Lloyd Harris, Simon Prior and Rob Harris at the firm today (10 August).
Class A Income shares will see their AMC reduced from 1% to 0.65%, class B will be lowered from 0.75% to 0.4% and class C income share charges will be cut to 0.3% from 0.65%.
It was first announced on 23 June that Merian GI's Harris would become head of fixed income at Premier Miton and lead manager of the Premier Corporate Bond Monthly Income fund, following Jupiter's acquisition of Merian GI, which was completed on 1 July this year.
Simon Prior and Rob James, whom Harris worked alongside at Merian managing the firm's Corporate Bond, Financials Contingent Capital and Monthly Income Bond funds, also begin at Premier Miton today, with Prior listed as co-manager of Premier Corporate Bond Monthly Income.
Premier Miton plans to launch two similar products to the Financials Contingent Capital and Monthly Income Bond funds in September 2020, subject to regulatory approval.
Neil Birrell, chief investment officer at Premier Miton, 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.
"These new funds, which we are currently seeking approval for, combined with the existing Premier Corporate Bond Monthly Income fund and Premier UK Money Market fund, will allow us to offer the proven investment capability of Lloyd and our expanded fixed income team across very distinctive types of fixed income investment strategies."
The hires come less than two months after Premier Miton hired Aberdeen Standard Investments' Alan Rowsell to head up its new global smaller companies fund. Rowsell and Harris will join the firm in October this year.