AWM’s key transaction with CSAM

Chris Kelaher

Australian Wealth Management (AWM) has signed a memorandum of understanding with Credit Suisse Asset Management that will see the transfer of the trusteeship of Credit Suisse Asset Management’s $340 million Pooled Superannuation Trusts and non-super Private Investments Funds.

The deal, announced today, is subject to further due diligence and will involve Credit Suisse retaining in ultimate control over investment decisions in relation to the underlying assets of the trusts while AWM will hold trustee status.

Commenting on the transaction, AWM managing director Chris Kelaher said he was delighted that Credit Suisse had chosen to partner with AWM as it is a proven administrator with sufficient scale and long-term experience in fund administration.

“Given the complexity associated with fund administration, an increasing number of providers are choosing to transfer this aspect of their operations to companies like AWM,” he said. “This allows Credit Suisse to focus on investment management.”

Credit Suisse executive vice-chairman Keith Ince said that as a result of the new arrangement between AWM and Credit Suisse, the company’s clients would have access to a trustee that could provide ongoing expert support of investment vehicles and structures.

The transaction follows AWM’s recent purchase of 70 per cent of Ord Minnett Group.