Filings with the Securities and Exchange Commission show that the reorganization at Credit Suisse Asset Management has begun in earnest, with the firm seeking to liquidate nine of its funds.
The moves come less than a month after Credit Suisse said it would cut 300 jobs from its 750-strong U.S.-based money management business. A spokeswoman told FA that as part of the reorganization, Credit Suisse is “liquidating funds in which we have not gained the scale necessary to be competitive.” The spokesperson added the focus in future will be in core areas where the firm feels it can be competitive, including strategic allocation, enhanced indexing and quantitative strategies.
The nine funds are Small Cap Growth, Fixed Income, all three Strategic Allocation funds Conservative, Moderate and Aggressive the New York Municipal fund and three institutional funds, Investment Grade Fixed Income, Capital Appreciation and Large Cap Value.
According to the spokesperson, the liquidation of these funds does not signify Credit Suisse shying away from certain types of styles or sizes. It is, she said, simply a reflection of the funds themselves. The spokesperson also could not confirm or deny that more liquidations will take place, saying only that the firm’s reorganization process would continue for the rest of the year.