Credit Suisse funds 'on hold'
Ratings house Morningstar has placed a number of Credit Suisse strategies ‘on hold’ in the wake of the announcement that Aberdeen Asset Management would be acquiring a number of Credit Suisse fund management assets.
Morningstar announced that it had placed the Credit Suisse Australian Shares Fund, the Credit Suisse Australian Small Companies Fund and the Credit Suisse Diversified Fixed Interest Fund ‘on hold’ and that the Credit Suisse International Shares Fund remained ‘highly recommended’ pending further announcements by Aberdeen.
The ratings house said the announcement did not represent a blanket ‘hold’ on Credit Suisse funds and only affected those funds involved in the Aberdeen acquisition.
It said Aberdeen had indicated there was a strong likelihood that the Credit Suisse strategies affected by the acquisition would be run according to the Aberdeen investment philosophy.
“While we have a degree of comfort in Aberdeen’s overall investment capability, given the uncertainty regarding the investment teams and changes to the Credit Suisse processes, we don’t think investors should look here when allocating new monies,” the Morningstar assessment said.
AUTHOR
Mike Taylor
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
