Money News
On Friday 16 March, three of Credit Suisses four remaining multi manager team members resigned from the group. Kelly Prior, Paul Green and Anthony Willis have all handed in their notices. Their departure follows that of Gary Potter and Robert Burdett and they are understood to be joining their former lead managers at Thames River Capital.
Credit Suisse has for a long time boasted one of the largest multi manager teams in the city and the loss, firstly, of Potter and Burdett as the two main decision makers is a severe blow for them.
The new resignations leave only Scott Spencer of the previous team in place. The funds are currently being overseen by Ed Robertiello, who is global head of fund of funds. Nothing has changed with regards the management of the funds so the investment philosophy and process remain the same along with the risk management and objectives.
Credit Suisse has announced that Rob Bowie and Graham Duce will take over the £1.25 billion platform. Duce previously ran Credit Suisse's Multi Asset Class Solutions for the group's UK private bank while Bowie has 12 years of multi manager portfolio experience and was previously a member of the Artemis multi-manager business that was acquired by Credit Suisse in 2005.
Any fund manager change is of concern as it has the potential to negatively affect future fund performance, however, clearly there is also the potential of even better fund management.
16 March 2007 © Moneyextra.com
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