Premier Asset Management is buying BFS Investments, one of two fund management companies that rejected a settlement with the Financial Services Authority in the UK split capital trust scandal, in a cash-and-shares deal.

Premier, which manages UK and offshore retail funds, said it would pay for Guernsey-based BFS with 1,296,817 shares and cash of up to £221,400 (€323,000) for BFS' UK business, subject to performance.