Credit Suisse today embarks on a new era after putting the finishing touches to its revamped UK equity income team.
The firm has hired Mira Bhogaita from Newton Investment Management to complete its five-person lineup, which also includes Michael Crawford, Marcus Chandler, co-head of UK equities Graham Ashby, and head of global equities Kim Goodwin.
The team says it will adopt a fresh investment approach in 2008 and has laid down a set of new rules, including having minimum (1%) and maximum (5%) stock positions.
It also says it plans to launch a new global equity income fund in the second part of next year.
In addition, the team says it is committed to the UK IFA market and is planning a series of roadshows to put its name on the map. It says the presence of its products on most platforms is further proof of this.
Speaking of his new UK team, Ashby outlined its movement towards a “boutique structure within a large organisation” with the team being rewarded bonuses for outperformance only.
He also outlined a renewed focus for the Income, Monthly Income and Alpha Income funds to be “benchmark aware rather than benchmark driven” in that he has cut down the portfolios' previous large holdings in mega caps, such as BP and Vodafone.
A further notable change has been to cut exposure to UK banks down to around 14pc of the portfolios, close to the benchmark rating. The team had originally inherited a position in banks of around 27pc.
Kim Goodwin also paid tribute to the institutional team at Credit Suisse, who were tasked with running the firm’s retail products while it assembled the UK equity team.
“Their performance was extraordinary during that time,” Goodwin says. “I couldn’t be happier about how this whole thing has come together.”
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