Credit Suisse is to close its poor performing Target Return Bond fund, which is run by its fixed income team, headed by Dilip Rasgotra.
The fund had been languishing for some time and is ranked 48th out of 51 funds listed in the IMA Global Bonds sector over one year, having provided negative returns of 16.8pc (bid-to-bid, according to Lipper, 07.05.08). A spokesperson for Credit Suisse, said: "Following FSA approval, we have written to the small number of investors that we are closing the UK Credit Suisse Target Return fund. "At just £8m in size, the UK fund has become uneconomical to run and we do not expect large inflows in the near future. Investors in the fund will be able to switch their funds free of any charges...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes