International shares fund joins 'on hold' list
Morningstar Research has placed Credit Suisse Asset Management’s international equities strategy 'on hold', after Aberdeen Asset Management announced it would replace the fund with its global equities strategy following the acquisition of Credit Suisse. The strategy is sub-managed by Capital International.
Aberdeen cannot replace the international equities strategy with its own strategy prior to April 30, when the decision is due to be finalised, according to a statement released by Morningstar.
Capital’s investment team has not been affected by the planned acquisition and continues to select stocks for the fund. However, Aberdeen’s investment capabilities are very different to how Capital invests, Morningstar said.
Capital’s investment performance between 2003-08 has been mediocre, according to Morningstar, with disappointing returns over a one and three-year period. However, the long-term performance of the fund is still positive.
Morningstar has placed a number of Credit Suisse funds 'on hold' ahead of the acquisition of several Credit Suisse fund management assets. The international shares fund was previously rated as 'highly recommended'.
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