Credit Suisse Asset Management has received FSA approval to launch its fund of funds service and ent...
Credit Suisse Asset Management has received FSA approval to launch its fund of funds service and enter what is becoming a highly competitive area of the market, writes Robert Stock.
The launch, which will take place within the next few weeks, will initially be at a discount and follows Jupiter's recent launch into the market with a fund of funds service managed by John Chatfeild-Roberts and his team.
The Credit Suisse offering, which is to be run by Gary Potter and Robert Burdett, the managers poached from Rothschild Asset Management, is, Investment Week understands, to be based on a range of fund of funds.
On top of that will be a layer of strategic options investors can chose, which invest in the underlying individual funds of funds with the asset allocation decided by Credit Suisse on the client's behalf.
The news of approval for the launch comes after fund manager Robert Hrabchak stepped down as manager of the £25.5m Credit Suisse Orient fund.
Hrabchak, who joined the group in 1999, has been replaced as lead manager by Raoul Rayos, who worked as his deputy for the past two years.
Rayos joined Credit Suisse in 1999 from Merrill Lynch Asset Management, where he was a senior Asian equity analyst. Before that he was an Asian equity analyst for WI Carr in Hong Kong.
Rayos joined Credit Suisse to be reunited with Hrabchak, with whom he had worked at Merrills.
Credit Suisse said Hrabchak has left the group for 'family reasons', and has moved from New York, where Credit Suisse bases its US-operation, to Boston and is now working as a sell-side analyst.
His departure follows the resignation three weeks ago of Fay Watson, manager of Credit Suisse's corporate bond fund, who has left the industry. Credit Suisse said the two resignations were not connected.
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