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Mott’s PSigma income set to overtake Suisse

Bill Mott’s PSigma income fund is set to overtake his former Credit Suisse offering in assets under management only 20 months since the product was launched.

Lipper figures show that Mott’s fund stands at £343m compared with £374.1m in the Credit Suisse income fund.

Credit Suisse has struggled with the income franchise since Mott’s departure in 2006 when the combined income franchise of income, monthly income and alpha stood at £1.6bn. Lipper figures for October 31 show that the combined franchise is now £570.4m.

Credit Suisse appointed Graham Ashby, Michael Crawford and Marcus Chandler to its UK equity income desk in August 2007. Ashby heads the main income offering. He says: “In line with many other fund groups, CSAM has experienced a significant reduction in the size of its funds under management due to the decline in equity markets but actual fund outflows across our UK equity income range have remained very modest this year.”

Both funds are third-quartile in the UK equity income sector over 12 months, according to the IMA.

Chelsea Financial Services managing director Darius McDermott says: “Graham has done a good job since joining Credit Suisse but outflows are to be expected in these markets, except for the very highly regarded like Mott.”


The 70s’ revival

With world markets in a state of instability and flux and the UK facing a severe recession, prudent investors should look to past downturns to gauge how to survive this crisis.

FSA freezes broker’s assets

The FSA has frozen the assets of Heaney Finance mortgage broker Noel Heaney after it found he gave unsuitable advice to consumers and refused to conduct a past business review.

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Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.


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