Credit Suisse Asset Management (CSAM) is keeping tight lipped on the status of its Australian equities team following the Aberdeen transaction.
Market rumours indicate the former team, which included fund managers Stephen Giubin, Richard Kornman and Michael Jenneke, are looking to establish a boutique firm.
CSAM won't say what is happening to employees involved in Australian equities after it was confirmed Aberdeen had not made employment offers to any of Credit Suisse's Australian equities fund managers.
But CSAM did confirm it will focus on expanding and distributing the alternative investments products left over in the division.
CSAM said it appointed Filo Sedillo to head the division in Australia and New Zealand. He joins from global banking institution Citi, where he was head of alternative investments in the same regions.
"His appointment reinforces the fact we're looking to strengthen our alternative investments business and further expand and build it where we can," a CSAM spokesperson said.
Meanwhile, Aberdeen Asset Management Australia is confident it will be able to retain the 35 plus staff it has recruited from CSAM.
In contrast, when Aberdeen took over Deutsche Bank's Australian equities fund management business in June 2007, all senior former Deutsche Bank staff left Aberdeen shortly after the acquisition was completed. It is understood many of their clients have since left.
Aberdeen Asset Management chief executive Bill Bovingdon is adamant the acquisition of CSAM will not follow the same pattern as the Deutsche Bank takeover.
"On the fixed income side we are embracing a lot of the processes and expertise that Credit Suisse had to offer and built in their business locally," Bovingdon said.
"So it's much more a merger than a takeover on the fixed income side here."
