Following a strategic review of its MasterWrap offerings, Credit Suisse asset management has announced it will be exiting this product in the Australian market.
According to a Credit Suisse spokesperson, the company recognised it needed scale to effectively run the MasterWrap products, but without suitable scale and the added requirement for resources in the future to remain competitive in the market, it had become necessary to close MasterWrap.
As a result, Investment MasterWrap will be terminated on October 31, 2006. The company expects the process to be completed around November 30, 2006.
Credit Suisse is currently in discussions to provide a successor fund transfer for Super MasterWrap and Pension MasterWrap.
MasterWrap was first launched in August 2004, and has $130 million in funds under management, split 50-50 between super and non-super.
