Credit Suisse’s appointment of Graham Ashby from Sarasin Chiswell to head its flagship £1.2bn UK equity income fund range has been broadly welcomed by investment advisers.
Ashby joins as managing director and head of UK retail equities and will oversee a team that is being bolstered by the recruitment of Michael Crawford and Marcus Chandler, both of whom were previously colleagues of Ashby when they worked at DWS Investments.
A deal struck between Credit Suisse and Sarasin Chiswell will see Ashby continue to run Sarasin’s UK equity income fund.
CSAM’s long search for an established equity income manager started when Errol Francis moved to Schroders in October 2006. The funds have been overseen by UK equity managers Philip True and Crispin Finn but have seen over £300m in redemptions since Francis’s departure.
AWD Chase De Vere head of investment research Justine Fearns says: “Ashby is a name known in the industry and has a good track record. Whether he will be enough to attract a lot of money back in such a competitive sector will be down to the numbers. We will keep an eye on his progress.”
Chelsea Financial Services managing director Darius McDermott says: “He is a good manager and we welcome the appointment but whether he is top drawer remains to be seen. As for running the Sarasin fund in a shared role, it has been done successfully by the likes of Neil Woodford before.”
Credit Suisse head of UK equities for asset management Kim Goodwin says: “One of the things I looked at was that all these guys have worked together before at DWS and have some sort of chemistry.”