Aberdeen Asset Management will look at retaining the fixed income team from Credit Suisse Asset Management (CSAM) Australia.
The group also confirmed it has not made offers to any of Credit Suisse’s Australian equities fund managers.
Aberdeen also said it intends to employ most of the CSAM distribution team, including client service and marketing staff.
Aberdeen and CSAM’s combined team will manage Aberdeen’s various local funds including the Australian Bond Fund, Cash Plus Fund, Core Plus Fund and Income Fund, as well as those CSAM funds coming across to Aberdeen.
Those funds coming across will be rebranded. The funds under management and segregated mandates of the CSAM funds will come across as part of the entity sale.
The Credit Suisse/Tremont Fund will also be transferred to Aberdeen as part of the acquisition.
“CSAM’s fixed income side will essentially be integrated. They will come across and they’re actually quite happy,” Aberdeen’s Asia head Hugh Young said.
“The interesting thing on the fixed income side is that Aberdeen and Credit Suisse make quite an exciting combination.”
Young expects the CSAM staff moving to Aberdeen to easily adapt to Aberdeen’s workplace culture.
“They come from the asset management side of an investment bank, whereas we’re pure asset management, so it’s very different. But it’s not all set in stone and they’re expected to adapt and they will hopefully improve the culture as well,” Young said.
Zurich-based Credit Suisse Group agreed to sell certain parts of its asset management business to Scotland-based Aberdeen Asset Management plc on 31 December 2008.
After 30 April, Credit Suisse will continue to have an asset management business in Australia.
The property, leveraged investments and other alternative investments products will be retained under existing arrangements and will be unaffected by the transaction.
