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Credit Suisse guru Mott is to step down

Income investment guru Bill Mott is to retire from Credit Suisse at the end of the month after 30 years with the group.

Mott was the long-term manager of the group’s flagship income fund and its monthly income sister portfolio before stepping back from their day-to-day running to take on a mentoring role in 2003.

Leigh Harrison took over the funds that year but subsequently left to join Threadneedle in 2005 and was replaced by Errol Francis.

Although the flagship income fund still has over £1bn invested in it, performance has slipped over the last three years and it is currently ranked 41 out of 71 peers.

Mott is the latest big name to leave Credit Suisse following the departures of head of retail Ian Chimes and sales director Mark Thomas in the summer.

Mott says: “My decision has been made much easier by my total confidence in the eight-strong UK equity team, and in particular Errol Francis as lead manager of the three income funds.”

Hargreaves Lansdown head of research Mark Dampier says: “Bill has an unparalleled macro understanding of stockpicking and could dejargonise the business brilliantly. I put him alongside Neil Woodford as a fund manager and he will be sorely missed by intermediaries.”

Bestinvest head of communications Justin Modray says: “Mott performed well in his heyday but since the late 1990s it is hard to measure his direct input as he stepped back from day-to-day fund management.”

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