Credit Suisse Asset Management has agreed to transfer its luxury goods global equity strategy to Lombard Odier Investment Managers.
As part of the agreement, Lombard Odier will launch the LO Funds – Global Prestige fund on 26 June and Credit Suisse will transfer its €236 million ($279 million) Global Prestige Equity fund subsequently into the new strategy.
Investing in 30 to 40 stocks of companies, Global Prestige offers investors luxury or prestige products and services with premium brands.
It also opens doors to structural long-term growth trends such as emerging consumers, millennials spending and other consumer-related trends.
Commenting on the move, Credit Suisse told Citywire Asia: 'The asset management industry is continuously evolving. Partnering with other firms is crucial if we are to meet the needs of clients and thrive as an industry. With Lombard Odier, we found the right partner to materialize synergies,.'
Citywire A-rated Juan Mendoza who is currently the head of Asian equities at Credit Suisse, will join Lombard Odier as senior portfolio manager to run the Global Prestige fund.
He will be supported by Ingrid Nouhaud, analyst in Lombard Odier’s high conviction equity team.
‘The strategy is well aligned with our discounted excess economic return investment philosophy,’ said Didier Rabattu, head of equities at Lombard Odier.
‘Global Prestige is a strong complement to our well-established expertise in thematic investing, which includes capabilities in the brand, luxury and consumer-related sectors,’ he added.