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Credit Suisse to offer onshore version of target return fund

Credit Suisse is awaiting FSA approval to launch an onshore version of its Luxemburg-domiciled target return fund in a move aimed at boosting its presence in the fixed-income market.

If given the green light, the fund will be run along similar lines to its offshore counterpart, which invests in core instruments such as Government bonds and in enhanced asset classes such as emerging Europe.

This approach, aimed at generating positive returns during all stages of the economic cycle, led to the fund returning 3 per cent in euro terms between launch last March and December 2003.

It is understood that the new fund will be managed by CSAM&#39s London-based fixed income team, headed by Winifred Robbins, who runs the offshore version. But it is unclear whether the onshore fund will target a net return based on European Libor – as with the offshore fund – or on UK Libor. If approved, the fund should launch around April.

CSAM managing director Ian Chimes says: “We have lots of in-house expertise in fixed income but most of our products are institutional and offshore. This new fund would add considerably to our retail offering and we are very excited about it.”

Chelsea Financial Services managing director Darius McDermott says: “If it can do whatever it likes in terms of asset weightings, it will be a welcome addition to the bond fund market.”


Fidelity and Threadneedle lead fund firms on assets

Threadneedle has leapfrogged Invesco Perpetual and Scottish Widows Unit Trust Managers to become the UK&#39s second-biggest fund company in terms of assets under management in 2003. IMA figures show that Threadneedle increased its funds under management by 26 per cent from £9.75bn to £12.36bn last year, ranking it behind only first-placed Fidelity, which grew its […]

FSA says others could charge like Standard

The FSA has warned that other insurers may be forced to charge policyholders for guarantees in the same way that Standard Life is proposing to do. The warning comes as the regulator made public a response to Liberal Democrat Treasury spokesman Vincent Cable. Cable had written to FSA chief executive John Tiner, questioning whether the […]

Electronic shock on commission cash

So providers have not been stumping up the commission promised in electronically processed statements, with less than promised being paid into the accounts of many IFAs. The issue is highlighted this week by Nigel Hopwood, one of smartest cookies on the technology block. Hopwood now works for Bankhall but served years on the other side […]

CII calls for LTC advisers to require qualification

The Chartered Insurance Institute is calling for all advisers dealing in long-term care insurance to be required to pass an approved exam before giving advice. In response to FSA consultation paper 200 on long-term care insurance and after working with the regulator and the Financial Services Skills Council on the development of a new LTC […]


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