Premier Asset Management is to seek shareholder approval to make significant changes to investment policy on four of its funds.

The group is proposing to alter policy, and in some cases objective, on its Global Strategic Assets, Global Alpha Growth, Strategic High Income Bond and UK Strategic Growth Funds.

Any changes are subject to shareholder approval at an Extra General Meeting on 16 December and, if ratified, will take effect from 19 December. This is also the date on which its Environmental Power and Water Fund will be renamed the Global Power and Water Fund.

Premier is to propose changing the investment objective, strategy and name of Mike Jennings' £53 million Global Strategic Assets Fund. It wants the fund renamed Premier Global Strategic Growth, with the amended objective to read 'to achieve long term capital growth'.

The fund, which has struggled against the IMA Balance Managed sector average - returning 38 per cent against 45 per cent over ten years - is also expected to switch to the IMA Global Equity sector.

The Global Alpha Growth Fund's objective will be amended to read 'to achieve capital growth from a focused portfolio of global equities', with the new strategy seeing a reduction in the number of holdings for manager Jennings.

If approval is granted, the Strategic High Income Bond Fund will also see its investment policy changed, with the removal of the requirement that at least 50 per cent of the fund's portfolio must be invested in investment grade bonds.

Finally, the UK Strategic Growth Fund will see its policy amended to remove restrictions on manager Simon King that require him to identify investments that will generate high growth. The restriction on the maximum amount King can hold in cash, currently set at 10 per cent, is also set to be removed.