Credit Suisse is to streamline its multi-manager fund range after poor take-up of its regional funds.
New managers Graham Duce and Aidan Kearney are set to merge the group’s European, North American and Japanese multi-manager funds into its international fund and the Asia Pacific fund will be rolled into its emerging funds.
The four regional funds have only attracted £75m in assets six years after launch and co-head of multi-manager Aidan Kearney says the group will be able to deliver better returns by spending more of their time concentrating on fewer focused international funds.
Credit Suisse co-head of multi-manager Graham Duce says the take-up of the funds reinforces his belief that advisers prefer to allow fund managers to make asset-allocation calls. He says: “We saw opportunities to make improvements for investors and truly make the funds our own.”
The team is also planning to relaunch its £15m global bond portfolio as a multi-asset diversified fund, which will also include exposure to hedge funds and property.
The changes will go through in August, subject to shareholder approval, around the same time as former Credit Suisse pair Gary Potter and Rob Burdett start at Thames River. They have vowed to launch a focused range of multi-manager funds.
Chelsea Financial Services managing director Darius McDermott says: “It is the right decision to move away from the regional strategy and shows that the group is willing to be proactive over the fund range.”