Credit Suisse to Launch Innovative New Fund

Stephen Harris

12 July 2005

Credit Suisse Asset Management is to launch the first limited issue multi-manager fund in the UK to take advantage of the flexibility of Non-UCITS Retail Schemes (NURS) later this month. The fund will be managed by the same team that created and manages its successful AA rated CS Multi-Manager Constellation Portfolio Fund. The fund will be limited to 75 million units - £75 million ($131 million) at £1 per unit launch price - and will invest in smaller investment opportunities, the trademark of the CSAM multi-manager team's research. The fund is limited so that the team can select investments in smaller target funds and to take a stake of sufficient size to impact performance without the concentration constraints that would otherwise apply, according to CSAM. The fund is using the NURS scheme so that it will have the ability to invest heavily in new funds where the investment credentials are compelling. Underlying funds held will typically be less than £100 million and many will be less than £50 million. Many of the funds held will be less than two years old and the fund offers access to many investment funds not currently available, or that are unknown or beyond the reach of private investors. The fund can invest in any country or region around the world, although it is likely to have a UK bias.