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.”