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Bestinvest calls for Credit Suisse to cut fund charges

Bestinvest says Credit Suisse should cut the charges on its income funds because it does not have a specialist manager.

Head of communications Justin Modray says the firm cannot justify the annual charge of 1.5 per cent, which it increased in 2005.

He says: “It was a liberty to raise the AMC to 1.5 per cent as the fund was not exactly performing at its peak then either. Considering the farcical turnover and indifferent performance, Credit Suisse would be well served in looking at the AMC or getting in a top-class manager with a proven track record now, as all the ingredients point to no sane reason to stay with them.”

Credit Suisse has not delivered a high profile replacement despite losing £95m in assets since Errol Francis’ departure three months ago.

The income fund has shrunk from £1.075bn on October 30, 2006 to £980m on January 22, according to Standard & Poor’s.

Small and mid-cap growth specialist Crispin Finn is running the group’s income funds.

Head of EMEA Mark Burgess says the firm is looking for a new manager. He says: “The fee for the income funds is in line with the marketplace and, although there have been outflows, the majority came in the first month of the change.”

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