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Assets Under Renovation

With Thames River lurking in the shadows, Credit Suisse has finally made the decision to do away with the regional strategy funds on its multi-manager range.

So gone are the days advisers could moan about these vehicles, which have garnered a paltry £75m in total, with the European, North American and Japanese portfolios merging into the international fund and the Asia-Pacific going into emerging markets.

CSAM co-head of multi-manager Graham Duce hit the nail on the head when he said the demand simply was not there as advisers want all geographic asset allocation calls to remain with the fund manager.

The group is also making use of Duce and colleague Rob Bowie’s multi-asset experience on the private banking side by re-launching its global bond vehicle as a multi-asset diversified fund.

What Duce and fellow co-head Aidan Kearney have done is stamp their own marks on the range at a time when the Potter and Burdett machine gets ready to rock and roll at Thames River with a campaign to gain assets the primary goal for their new range of funds.

Perhaps some of the other players should also be looking over their shoulders wondering whether they are going to have their assets under threat as Thames River cranks up it sales and distribution arm.

Meanwhile Norwich Union has lost another manager with Donna Cabral leaving the firm only three weeks after she took over as lead manager on the £921m corporate bond fund from Paul Mingay.

Norwich Union and its investment arm Morley have been losing staff hand over fist recently, notably three senior property managers to Aegon Asset Management.

NU has appointed Roger Webb – who runs amongst others the Norwich monthly income plus fund – to take on Cabral’s fund in the interim while the firm looks to find a long-term replacement.


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