The move came after Century expressed concerns over 452 Capital's recent announcement that chief executive Lyndsey Hancock and investment directors Suellen Morgan and Mary Feros planned to step away from managing the boutique.
"The directors of Century received proposals from various fund managers and selected Perennial Value by reason of its longstanding performance record and its consistency of investment style with that of 452 and [its co-founder] Peter Morgan," Century company secretary Peter Roberts said.
The investment management fee that Century agreed with Perennial Value was "substantially less" than what was charged by 452 Capital, Roberts said.
Century has also proposed a buyback scheme to shareholders and sought any alternatives from Perennial Value on how to reduce the LIC's current discount to net tangible assets.
Perennial Value is headed by fund manager John Murray.
"We welcome the decision by the board of Century to appoint Perennial Value as the interim manager and look forward to working with the board from an investment perspective," Murray said.
