Credit Suisse Asset Management Funds ('CSAM' launching a fund of boutique-style funds, the Credit Su...
Credit Suisse Asset Management Funds ('CSAM' launching a fund of boutique-style funds, the Credit Suisse Multi Manager Constellation Portfolio.
In the second phase of CSAM's multi-manager strategy, Constellation will be aimed at the ISA and PEP transfer markets.
Aptly called Constellation, the portfolio is to be a collection of super-star fund managers selected on a mainly bottom-up basis. Potential candidates include Odey Asset Management, Findlay Park, Liontrust, Thames River, ABN Selected Opportunities and Polar Capital.
This development builds on the recent launch of the Credit Suisse Private Portfolio Service and the recruitment of Gary Potter, Robert Burdett and Kelly Prior.
Gary Potter, Director of Credit Suisse Asset Management said: "If you look in the dictionary the definition of 'constellation' is a collection of stars. That is what we aim to provide.
"We are seeing a brain drain away from the larger groups to smaller boutique operations as many managers have become fed up with running a large amount of money and are looking to run smaller amounts with higher performance expectations. "
Fellow director Robert Burdett added: "Constellation, with its forward-looking focus, will access the 'brain drain' of talent, otherwise in-accessible or unknown to the advisory community, either because they are not marketed or because the advisors do not have the capacity to analyze funds at this level.
"With less than 40% of Unit Trust/Oeic managers having a three-year record with their fund, performance statistics are clearly less relevant. This is exaggerated in the boutiques. Constellation is our answer to how investors can gain positive exposure to the boutique managers."
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till