Credit Suisse today received FSA approval to launch its new Multi-Manager Multi Asset Growth fund to retail investors next month.
The fund will use similar principles to the £50m Credit Suisse Multi-Manager Multi Asset Distribution fund, but with no income or dividend requirement.
Credit Suisse has also written to investors in its existing Multi-Manager Incubator fund, with the plan to switch its assets into the new fund.
The Incubator fund currently has just £10m in assets under management and Credit Suisse admits the fund is unlikely to grow significantly.
Approximately 50% of the new fund will invest in traditional equity and fixed income funds, with about 30% invested in a range of alternative assets – including hedge funds, alternative strategy funds and structured products.
The final 20% of the fund would be set aside to support and invest in shorter term tactical opportunities of less than 12 months, with cash used if no such opportunities are found.
“It is a continuing response to changing markets and evolving investor appetite and demand,” Credit Suisse multi-manager team co-head Aidan Kearney says.IFAonline
What made financial headlines over the weekend?
Pensions neglect to be criminal offence
All-day event on 24 April
Consequences could be more severe than in stress tests
AFH has six segregated mandate funds