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Shock exit from Credit Suisse

Bill Mott has delayed his retirement until the end of the year while Credit Suisse finds a replacement for Francis who is joining Schroder.

Day-to-day management will be taken over by Crispin Finn, who made his name at the firm as a small-cap growth manager, and Phil True.

Only last week, Mott said he was retiring because he was confident that Francis was the right man for the job. But joint head of sales Mark Ingram says the group has been looking for someone new to head the income desk for seven weeks although he denies this is linked to Francis’ departure.

Ingram says: “Mott will continue as strategic adviser, primarily with a top-down macro view, and look at sector allocation and strategy. The CIO has told me that Credit Suisse has been looking for some time to augment the equity team of seven. Some have tried to make out Francis left because he was not supported but look at Bill Mott’s resignation letter. If that is not support, I don’t know what is.”

Hargreaves Lansdown head of research Mark Dampier says: “First, we lose Leigh Harrison and now we have just got used to Errol Francis and he has gone. Credit Suisse’s bosses in Luxemburg and Switzerland say they understand the UK retail market but quite clearly they do not.”

Comment, p47

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