Credit Suisse takes a dive into Asia
CreditSuisse Asset Management (CSAM)has made a move into the depressed Asian equities market, launching an Asia ex Japan fund for Australian investors at what it claims is an opportune time.
CSAM head of retail funds Brian Thomas says the Asian economy has been affected by the SARS crisis, giving the market short-term potential, while long-term potential for growth in the region is also strong. He says this combination makes it a good time to invest in the Asian fund.
“We have also been managing Asian equities for the group globally, and we thought quite simply, if we have the capabilities and track record, why not make them available to the Australian marketplace,” Thomas says.
CSAM head of Asian equities Peter Sartori agrees, saying the fund gives investors the opportunity to invest in long-term Asian economic growth potential at a time when market valuations are low.
“Earnings growth is relatively healthy in Asia, corporate fundamentals are improving and valuations are at historical lows,” Sartori says. “In addition, there is a growing dividend story in the region as companies pay out more earnings to shareholders.”
Sartori says CSAM have picked a team of investment professionals from Hong Kong, Singapore and Sydney to manage the fund.
The wholesale Asia ex Japan fund will be available to retail investors through master trusts and wraps from June 2, 2003, with Macquarie indicating it would add the product.
Recommended for you
The financial advice sector has benefited from a net rise of 11 advisers this week, according to Wealth Data, while AMP Group reports losses as several advisers open their own licensees.
Praemium has updated on the progress of its integration with platform OneVue, which it acquired from Iress earlier this year.
ASIC leadership has waded into the political debate about Qantas flight upgrades, confirming its executives hold membership of the Chairman’s Lounge but denying it affects their regulatory ability.
Perth advisory firm Capital Partners Private Wealth Advisers has announced a new managing director to take over from David Andrew as he steps down after 25 years.