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Burdett and Potter resign from CSAM

Credit Suisse Asset Management has been placed into further chaos this morning when directors of multi-manager Gary Potter and Robert Burdett resigned from the firm with immediate effect.

The duo, who joined from Rothschilds back in 2001, are the latest big name departures from the group, who have lost the likes of Ian Chimes, Mark Thomas, Errol Francis and income guru Bill Mott over the past 12 months.

Burdett and Potter run one of the largest multi-manager offerings in the market, running billions of pounds within the firms 17-strong range. Their departure will see Scott Spencer and Kelly Prior head up the range in the interim.

Hargreaves Lansdown head of research Mark Dampier is not suprised at the latest announcement. He says: “This really reflects what an absolute mess CSAM is in. There is lots of political issues over running money at the firm and this departure is likely to be in the same vein.”

Dampier says the group already has enough on their plate to deal with: “They are already trying to find an income manager with all the noises in the market being that the group were to announce someone immanently, only for that person to lose their nerve. Now they have a number of gaping holes in the business from top to bottom and filling them is going to be a huge undertaking.”

The pair’s next destination is already a talking point. BestInvest head of communications Justin Modray says all roads could lead to PSigma Asset Management and a reunion with former CSAM managing director Ian Chimes.

He says: “It would be the obvious choice. PSigma Asset Management is almost a breakaway of Credit Suisse in terms of personnel, with the lure of Chimes and Mott almost too much to refuse.”

AWD Chase de Vere investments manager Anna Bowes says: It’s important for investors not to panic. Remember that these are multi-manager funds and therefore the underlying funds that have been handpicked by Gary and Robert and team, are sound. What is important is what happens next

Confidence in Credit Suisse is at an all time low and therefore its likely to be difficult for them to replace Gary and Robert Bowes says. But theyll have to do something and soon, in order to stop money from haemorrhaging from the business, especially when the multi manager business has been the successful arm of a company plagued by fund manager defections, such as Bill Mott


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