A column in a British magazine has prompted Credit Suisse Asset Management to make an about face on a policy of not notifying advisers when clients sell their portfolios. It all started with New Model Adviser magazine's "Are You Being Served column?" which blasted CSAM for not disclosing a transaction of that sort, which ultimately cost the client a mint in capital gains tax. 

According to Citywire, which publishes the magazine, CSAM said it was its policy not to inform advisers if clients directly requested the sale, but it has since changed its mind and now will notify advisers of such transactions, unless the client asks to remain anonymous. Citywire said, "Information on redemptions is particularly crucial for new model advisers because unadvised redemptions can have serious implications for a client's tax position as well as the recurring income of the" independent financial adviser. CSAM now reportedly plans to extend the revised program to its open-ended investment company range.