Credit Suisse investment guru Bill Mott has agreed to stay on as strategic director at the group two weeks after announcing his retirement.
Mott was due to retire at Christmas but the sudden departure of Errol Francis, who has run the flagship income, monthly income and alpha funds for the past year to become number two to Richard Buxton on the Schroder UK alpha fund has meant Mott has agreed to stay on.
Mott will oversee the funds until the group chooses a further successor. He initially ran the income and monthly funds up to 2003 before handing them to Leigh Harrison and becoming strategic director at the group.
Credit Suisse global head of equities Kim Goodwin says: “In the interests of our clients and to maintain the strong performance of our income fund franchise, Bill Mott has kindly decided to continue to provide active strategic advice to the Credit Suisse team until the end of December.”
Hargreaves Lansdown head of research Mark Dampier slammed the move.
He says: “I have huge sympathy with Bill Mott and Ian Chimes’s replacement Mark Ingram but I’m totally unimpressed with the upper management at the group.”
“First we lose Leigh Harrison and now we have just got used to Errol Francis and he has gone. Credit Suisse’s bosses in Luxembourg and Switzerland say they understand the UK retail market but quite clearly they don’t.”