Credit Suisse banks on Adelaide alliance
Credit Suisse Asset Management has entered the cash management market with an alliance with Adelaide Bank.
Credit Suisse head of retail funds, Brian Thomas, is keen to emphasise that the trust is more than a rebadged product.
"The way the fund is setup makes it technically ours and we can alter it accordingly. However, the transaction services of Adelaide Bank are good so we have kept close ties for the time being," he says.
"It still gives us long-term control especially if any issues arise with the bank in the future," he said.
The cash management vehicle is the latest addition to Credit Suisse's range of retail funds launched earlier this year.
"It really is an enhancement to our other retail business. The cash trust is a service necessary if we are going to be good in the retail area," Thomas says.
Thomas concedes that there is still a long lead time in getting advisers used to the product range and management style behind it, but points out that the best indicator of success is the placement on recommended lists.
"All of our retail products are scoring highly and our master trust is double our budget already."
AUTHOR
Jason Spits
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
