Credit Suisse Multi Manager Portfolio Funds is to sell out of the £99m Credit Suisse European fund n...
Credit Suisse Multi Manager Portfolio Funds is to sell out of the £99m Credit Suisse European fund now that manager Raj Shant is to leave the group and join Newton in March.
No replacement for Shant, who took over the fund in July 2000, has yet been chosen but Ian Chimes, managing director of CSAM's UK retail business, said one was being sought initially from within CSAM or its associated Credit Suisse companies.
Gary Potter, director of multi-manager services, said his team had yet to decide on a replacement fund, although offerings from Threadneedle, Gartmore, and JP Morgan Fleming are on the service's reserve list. There is no intention to replace it with Newton European, as it is not yet clear how Shant will fit into the Newton set-up.
Potter, who already holds European portfolios run by Thames River, Investec, CF Odey, HSBC, SG Asset Management and Artemis in the £17m multi-manager service, said CSAM had moved Europe from an underweight to a neutral in terms of its asset allocation views.
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