Bill Mott is to give up day-to-day management responsibilities on his Credit Suisse Income and Month...
Bill Mott is to give up day-to-day management responsibilities on his Credit Suisse Income and Monthly Income funds from 1 August 2003.
Manager of the group's Alpha Income fund Leigh Harrison will assume responsibility for the two funds from that date.
Mott is to remain with Credit Suisse Asset Management (CSAM) as a thematic and strategic adviser, working with the UK equity team to identify changes in major investment themes. He will be withdrawing from sales and marketing responsibilities.
Managing director of CSAM Ian Chimes said this role plays to Mott's key strength of calling major turning points in the market while cutting down on the day-to-day burdens of portfolio management and marketing.
In his strategic role, Mott will be in the office full time at important periods.
'He will be in the office when his being there adds value,' said Chimes.
Harrison joined CSAM in December 2001 following the group's acquisition of SLC Asset Management and has shadowed Mott on his two portfolios since his arrival.
Already manager of the £48m Alpha Income fund, Harrison will be responsible for the three portfolios, taking his funds under management to over £1bn.
As Mott and Harrison have worked closely on the portfolios, with the latter coming in when Mott was away for example, Chimes said Harrison is very unlikely to make significant changes to the funds when he takes the helm.
Chimes added: 'We are in an excellent position to pass the management of two of our income funds to an individual with such a strong proven track record in this area.
'Most importantly there will be continuity as both Harrison and Mott have similar investment styles.'
Over three years to 2 June 2003, the £874m Income fund has returned 8.6%, offer to bid, against a UK Equity Income peer group average of -17.3%, ranking it three out of 70 in the sector.
Over three years to the same date, Mott's £269m Monthly Income fund has returned 8.2%, ranking it at four in the sector.
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