View more on these topics

Aberdeen to acquire Credit Suisse’s multi-manager arm

Aberdeen is to acquire Credit Suisse’s multi-manager business, Money Marketing can reveal.

The move will see the whole team, which includes the likes of co-heads Aidan Kearney and Graham Duce, brought across to Aberdeen at the conclusion of the deal with Credit Suisse on July 1, with the fund of funds range set to move across in August.

Kearney says the funds will move across a month later date as investors will have to be informed, among other issues, but the group will continue to manage the funds in the interim period.

He says: “There will be no change except a badge at the front. The team has been reassured that the multi-manager business is part of Aberdeen’s long term plans.”

Last December Aberdeen acquired the majority of Credit Suisse’s fund management business in an all-share deal worth £250m. At the time of the deal, the multi-manager arm was to remain with Credit Suisse as part of its alternative solutions unit.

Kearney says: “I believe there was a desire on both parts to see the multi-manager arm move across. For Aberdeen in particular, it offered another string to its bow.”

At the start of the month Aberdeen confirmed the purchase of the Asia Pacific unit which has £7.1bn of asset under management at the end of March 2009.

Credit Suisse’s multi-manager team currently has £730m of assets under management across 12 onshore funds and four Sicavs.

Aberdeen chief investment officer Anne Richards says: “Aberdeen is delighted that this experienced and highly regarded team is joining and we are looking forward to working with them. The addition of a multi-manager capability significantly strengthens the range of products we can offer to our clients around the world and also broadens our client base. Their skills and expertise will be of particular benefit as we look to broaden the range of retirement solutions we have to offer to current and prospective clients.”

A spokeswoman for Credit Suisse says: “This is a very positive move for the business retaining a consistent commitment to our supporting business partners, IFAs and their clients. We believe that the multi-manager offering will continue to growth and strengthen with the operational and structural support that Aberdeen has to offer.”

Hargreaves Lansdown investment manager Ben Yearsley says: “It’s perfectly logical. It was more of a surprise in the first place that they weren’t going across. I think they’ll do a good job.”


Recommended

Hargreaves adds Wintle to Wealth 150

Hargreaves Lansdown has added the Neptune US Opportunities fund, managed by Felix Wintle, to its Wealth 150 list of recommended funds.Stuart Goodwin, an analyst at Hargreaves Lansdown, says Wintle has impressed them with his economic and sector views. Over three years to May 19, according to Financial Express, the £135m fund is comfortably number one […]

Brimecome taking over from Treves

Equitable Life chairman Vanni Treves will be retiring later this year after eight years in the role. He will be succeeded by non-executive director Ian Brimecome.

thimbnail

Almost nine in 10 employers admit failings with post-DRA compliance

The default retirement age (DRA) was abolished more than three years ago, yet new research from Jelf Employee Benefits suggests that the vast majority of employers still have some way to go to fully understand, comply and communicate the landmark legislation change that prevents older employees being forcibly retired on the grounds of age alone.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment