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.
