Credit Suisse Asset Management is to close its Global TMT and Global Focus funds after reviewing fut...
Credit Suisse Asset Management is to close its Global TMT and Global Focus funds after reviewing future intermediary appetite for such portfolios.
Both funds are run by the group's New York-based equities team, which includes respective named managers of the funds Scott Lewis and Vincent McBride.
Managing director at Credit Suisse Ian Chimes said at £2m and £2.1m in size, neither Global TMT nor Global Growth is widely held in the UK retail market. Existing shareholders will have the option of a free switch into another Credit Suisse fund. 'We launched both funds at the end of the bull market in an attempt to build up a track record in these asset classes for the next market upturn,' Chimes said. 'As we see market conditions being tough for some time yet, we have taken what we feel is a sensible decision for our product range by closing these portfolios.'
Credit Suisse will still have two funds in the global growth sector after the closure of Global Focus, the £29.8m Worldwide Growth and £2.7m Post-Venture Capital portfolios. The closure of Global TMT will end the group's presence in the specialist sector marketplace.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till