Credit Suisse Asset Management (CSAM) claims to have suffered no redemptions from its Income and Mon...
Credit Suisse Asset Management (CSAM) claims to have suffered no redemptions from its Income and Monthly Income funds since it announced Bill Mott is stepping down as manager.
CSAM managing director Ian Chimes said he does not expect immediate redemptions because Mott remains as lead manager until 1 August. At that point Leigh Harrison takes over the portfolios.
The £990m Income fund has around £200m in Credit Suisse Isas and Peps and 1,320 regular savers, while the £295m Monthly Income has £40m in Isas and Peps and 96 regular savers.
As for adviser reaction to Mott's change to a more strategic role at the group, Chelsea Financial Services has removed Credit Suisse Income from its buy list although it has recommended existing investors hold the portfolio for the present.
Managing director of Chelsea Darius McDermott said: 'In the past, the Income fund practically sold itself on Mott's reputation alone and with him no longer at the helm, investors will undoubtedly reconsider their options.'
Head of research at Bates Investment, James Dalby, said the group has decided to keep the Monthly Income fund on its recommended list as it has been following Harrison for a while and believes he will be able to maintain top-quartile performance on Mott's funds.
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