Premier Portfolio Managers has launched its third multi-manager fund, the Premier International Investments (PII) UK blue chip fund.

The fund, which targets UK and continental European investors, will be managed by four UK fund managers. Each manager will look after 25% of assets, choosing their best 10 to 12 stocks for investment. The fund is being kick-started by a restructuring of the group's £12m (€19.3m) premier UK blue chip fund.