Credit Suisse Asset Management’sAsian (ex-Japan) funds management operations will move headquarters from London and New York to Sydney in a move by the group to take advantage of Australia’s proximity to Asia.
As a result of the move, seven funds, with $1 billion in total assets, will initially be managed out of Sydney.
Credit Suisse Asset Management chief executive Andrew McKinnon says there will be more funds added to the team’s repertoire further down the track, subject to regulatory approval.
McKinnon says there are clear benefits in having the Asian funds, which have been managed out of London and New York for almost 10 years, managed out of Sydney.
“Having our fund management in the timezone of the Asian markets is an advantage,” he says.
McKinnon says the move to Sydney is also an acknowledgement that the local operations have gained strong recognition within the Credit Suisse empire.
“We’ve developed a strong business in Australia which will continue to focus on local business in Australia. We’ve got the infrastructure here, so we see this as a logical step,” he says.
A team of five, headed by Peter Sartori, will accompany Credit Suisse’s move into Sydney.
“Peter has joined us from Zurich Scudder in Singapore where he was lead portfolio manager of the Pacific Basin equity product. He has a strong track record in this area and when combined with the portfolio and analytical skills of the existing team, this provides us with enhanced investment capabilities to offer clients,” McKinnon says.
Also joining Sydney the team is Boon Hong Yeo who previously worked with Sartori at CMG First State Investments, and Narelle Elliot who will take on a dealer role, after previously working at Bankers Trust, according to McKinnon.
