Credit Suisse Asset Management
is putting its fund lineup on a diet as part of a global reorganization. The firm plans to cut its offerings by four and offer 24 funds rather than the 28 it offers today, according to Dow Jones Newswire
CSAM will merge the four funds into existing offerings, rather than liquidate them, according to the report. Yesterday, the firm announced a global reorganization. In November, it let go 600 employees as part of an effort to cut costs.
The merged funds include:
Strategic Value Fund ($180 million into Large Cap Value Fund ($150 million)
International Fund ($11 million) into International Focus Fund ($230 million)
European Equity Fund ($11 million) into International Focus Fund ($230 million)
Global Health Sciences Fund ($43 million) into Global Post-Venture Capital Fund ($55 million)
The firm is also focus Global Financial Services Fund on the institutional market by raising the minimum investment to $10,000 from $2,500.
Laurence Smith, global chief investment officer explained that the decision to reduce the number of funds was made as part of an effort to simplify CSAM's product line and focus it "on a fewer number" of products.
Linda Moore, director of product management and marketing told the news service that the sector funds are being eliminated because the firm believes it will not be able to build assets in that niche. One remaining sector fund -- Global Technology Fund -- has a strong enough track record to keep open, it believes.
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