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Credit Suisse hands thematic fund to Asia equity chief

Credit Suisse hands thematic fund to Asia equity chief

Credit Suisse has announced a change on its global luxury goods fund as lead manager Marjorie Sonigo is set to leave the firm, the Swiss group has announced.

Sonigo will be replaced by Juan Manuel Mendoza, who is head of Asian equities at the firm.

She had run the Credit Suisse Equity (Lux) Global Prestige fund since it was launched as a Luxembourg-domiciled vehicle in July 2006.

The change formally took place on 1 May, with Sonigo set to leave Credit Suisse shortly.

Mendoza will be supported on the Global Prestige fund by Citywire A-rated manager Patrick Kolb, who acts as a deputy on the fund.

Manager change

In a notice to shareholders, Credit Suisse stressed that the change within the fund management team would not impact the investment philosophy which was developed under Sonigo.

Also in the note, Credit Suisse added it would look to continue strengthening its global consumer team in the future and also review the fund range to tap into new opportunities in the market.

In addition to being head of Asia equities, Singapore-based Mendoza also oversees the group’s global consumer investment team.

He currently runs two funds focused on luxury goods and Asian consumers, the Credit Suisse (Lux) Equity Luxury Goods and Credit Suisse (Lux) Equity Asia Consumer funds.

The Credit Suisse Equity (Lux) Global Prestige fund returned 32.8% over the three years to the end of March 2014. This compares with a rise of 60.4% by its Citywire benchmark, the MSCI World/Consumer Discretionary TR, over the same period.

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