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BUZZ-View from the buyside: Premier AM switches out of Standard Life into Chesnara

Reuters - UK Focus

** Premier AM's head of UK equities Chris White has sold holding in Standard Life (LSE: SL.L - news) (SL) & bought shares in Chesnara on valuation grounds

** Move comes as income funds in particular looking beyond divi stalwarts where payouts are vulnerable or stocks overvalued

** White reckoned SL was looking a little expensive for an asset manager on PE ratio of 19x prospective for 2015 yielding

** He says Chesnara (LSE: CSN.L - news) , a small-cap co which mainly buys life insurance books closed to new customers, on 13.8x 2015, a substantial discount to EV of 15 pct & a yield of 5.7 pct, offers a better combination of risk & reward (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)