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Credit Suisse scraps selection project after three months

Credit Suisse scraps selection project after three months

Credit Suisse has cancelled its Signature Managed Accounts unit just three months after launching the new fund selection operation, Citywire Selector has learned.

The Signature Managed Accounts division was set up in February for a six-strong team which included Lombard Odier’s former head of open architecture, Laurent Auchlin.

This had seen the team under head of managed accounts, Daniel Sandmeier, seek to work with a small number of third party managers to deliver single asset class investments for private bank clients.

Speaking to Citywire Selector at the time of the launch, Sandmeier said the new unit was a ‘paradigm shift’ for ultra-high net worth investors, which would not rely on passive investments.

However, Credit Suisse said on April 17 it has opted to stop the wider roll-out of the project and close the Swiss-based Signature Managed Accounts project.

In a statement to Citywire Selector, a spokesperson said: ‘In an effort to concentrate on key business priorities, Credit Suisse has decided to discontinue its current efforts to roll out Signature Managed Accounts.’

‘Its separate fund selection activities are not affected by this as the selection of appropriate investment instruments is a key element in the Credit Suisse Investment process.’

The Signature Managed Accounts model had proven successful in the US market and Sandmeier previously said there were plans to expand it to Asia Pacific and Luxembourg if the Swiss version had been a success.

It was not revealed whether Auchlin, who joined Credit Suisse from Lombard Odier in September 2015, will stay with the firm following the closure. Credit Suisse declined to comment on the futures of those involved with the project.

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