View more on these topics

Advisers shun Suisse

Credit Suisse’s attempts to provide assurances of its commitment to the UK retail market have failed to win over leading investment advisers.

Following a string of high-profile departures recently, the fund firm held meetings with several high-profile IFAs this week to introduce them to its new global head of equities Kim Goodwin and outline future plans.

Goodwin says Credit Suisse is still recruiting for its flagship UK equity income desk, which has been rocked by the departure of its most high-profile manager Errol Francis and again with another manager, Richard Colwell, following him out of the door last week.

The group revealed that it is likely to switch a number of funds over to its quants team and its £61m Transatlantic fund, which was a star performer in the 1990s when managed by James Abate, has now been switched over to its New York quants desk.

Vice-chairman and head of asset allocation Mark Burgess admits that the company has not communicated the recent changes well but is keen to stress that its multi-manager and income propositions are considered “crucial” to the group.

However, Hargreaves Lansdown head of research Mark Dampier says that HL will recommend clients to switch out of Credit Suisse’s income funds.

He says: “It took them 16 years to build up UK income and six months to lose it. Why didn’t they look at their best equity fund years ago? They have never really backed UK retail and I decided that was it once Francis left.”

Chelsea Financial Services managing director Darius McDermott says: “We are putting a switch on the fund because we want to see someone with a proven track record running their flagship UK retail product.”

Goodwin says: “We do want to augment the income franchise as well as other areas to increase our bench strength and we intend to hire specifically for the UK retail space.”


Knight strider

David Knight of Pace Financial Solutions has returned from a 10-day hiking challenge in the US, taking in Zion National Park, Bryce Canyon and the Grand Canyon.Knight has so far raised £5,250 and is still raising funds for Macmillan Cancer.He is no stranger to this sort of challenge after walking the Inca Trail in Peru […]

Sales surge for TMB

The Mortgage Business has revealed a dramatic increase in business in the 14 months since it lost its entire senior management team.It has seen applications rise by 90 per cent in the year to October compared with the previous 12 months and the value of those applications has rocketed from 2.5bn to 4.5bn.Completions have jumped […]

Action group in legal battle over lost Paymentshield commissions

Disgruntled Paymentshield brokers are forming an action group to recover thousands of pounds of lost commission after the protection provider last month ceased trail payments to intermediaries no longer regulated to sell mortgage-related general insurance.The group, which will shortly enlist the support of what it calls a “high profile trade figure in the protection market”, […]

The fifteen-year itch

By Neil Jones Technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The treatment of non-UK domiciles that are resident in […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm