Credit Suisse small cap funds ‘on hold’
Ratings house Standard & Poor’s (S&P) has issued fund manager Credit Suisse’s small company offerings in the market an ‘on hold’ status following the departure of co-portfolio manager Matthew Booker.
The products affected by this action are the Credit Suisse Select Investment Australian Small Companies Fund, the Credit Suisse Asset Management Australian Small Companies Fund, and the Credit Suisse Private Investment Australian Small Companies Fund.
Booker was pivotal in managing the small cap area along with Stephen Atkinson.
“Being one of the two people managing the money and departing, we want to be sure that the replacement is of a good standing given the funds have a four star rating at the moment, which is one of our stronger ratings. So before reinstating that rating we want to meet with the new hire to make sure we have that same confidence,” S&P fund analyst Ben Sheehan said.
Credit Suisse large cap analyst Kenneth Wan will be assisting Atkinson in managing the funds in the interim while a replacement for Booker is sought.
“It’s going to be an interesting time because it’s a fairly tight market for analysts. It’s not a buyer’s market as such, so it will be interesting to see who they get and where they are sourced from,” Sheehan said.
Booker’s departure from Credit Suisse ends his 15-month involvement in the organisation’s small companies section.
Recommended for you
As the year comes to an end, Money Management takes a look at the biggest announcements that shocked the financial advice industry in 2024.
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
