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Aberdeen plans to merge away two CSAM funds

Aberdeen plans to merge two Credit Suisse Asset Management (CSAM) funds into its own vehicles as its takeover of the firm nears completion.

From July 1 the Credit Suisse US Systematic Alpha Equity fund will be called Aberdeen US Alpha Equity and will be headed by Shahreza Yusof, the head of US equities. It is likely that it will eventually be merged into the £93m Aberdeen American Growth fund.

US Systematic is a quant fund that began life as the Credit Suisse Trans­atlantic fund. It was hugely popular in the 1990s under the management of James Abate, but its appeal waned when Abate left the group and performance slipped. Today the vehicle has less than £30m under management.

Meanwhile, Aberdeen is handing the management of the Credit Suisse Orient fund to its own Asia Pacific Equity team and plans to merge the vehicle away. The Aberdeen team, led by Hugh Young, takes over from Boon-Hong Yeo. He has managed the fund since 2005 after joining Credit Suisse in 2002, and his future with the group is uncertain.

Young is the managing director of Aber­deen Asset Management Asia and heads a 25-strong team based in Singapore.

The group already has a £1.2 billion fund in the Investment Management Association (IMA) Asia Pacific ex Japan sector, where Credit Suisse Orient also sits. As the latter has just £11m under management, it is likely to be merged into the Aberdeen vehicle later this year or early in 2010.

The transfer between managers was completed on April 30, and Young and his team have since brought the management of the fund into line with their house investment process which focuses on company analysis and bottom-up stockpicking.


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