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Credit Suisse manager says stock markets on the up

A fund manager at Credit Suisse Asset Management has stated that stock markets are likely to end the year up on their current levels.

Robert Burdett, who manages in the region of £1.13 billion of multi-manager assets for Credit Suisse said despite the fall in the FTSE 100 since May 9th there is an upturn for the markets on the horizon.

He stated that prior to the market downturn he had managed to build up cash reserves of between four and five per cent in all his portfolios.

Mr Burdett told Reuters: "We've put cash to work on bad days. Markets have got good enough value to potentially end the year higher.

"As yet there is no evidence to underwrite the concerns that the market is expressing. We're sticking with a relatively optimistic outlook."

He has invested for Credit Suisse in a range of funds including UBS US Equity, Neptune European Opportunities and Jupiter Financial Opportunities.

"It's a great outcome for the fund managers and investors…On the face of it there is increased incentivisation," he added.