Premier Asset Management is buying the £55.8m (€96.3m) private client discretionary portfolio business of LeggMason Investors Asset Managers for up to £3m.

The acquisition is subject to the transfer of client funds that will take place with effect from January 2, 2001. If all the funds are transferred, it is estimated that Premier's turnover could be increased by up to £780,000 before expenses in a full financial year and will increase total discretionary funds under management to some £150m.