Credit Suisse shocked by sudden departures

2 March 2007

Credit Suisse are reeling from the departure of co-heads Gary Potter and Rob Burdett from their UK multi-management wing, according to industry experts.

The departures from the Credit Suisse's UK operation follow those of Lee Harrison and Errol Francis from its income division as the exodus from the bank continues.

News of their exits comes at a time when the Swiss banking giant has recorded below par performances for its home grown funds and follows the company's recent affirmation of their commitment to the UK market.

However, since the news broke Credit Suisse have denied that the company had been dealt a significant blow by the departures.

Commenting on the developments Credit Suisse managing director, Wesley McDade said: "We have a successful multi-manager platform that operates on a team and process-driven basis.

"Gary and Robert's departure will not have any immediate impact on the sound management of client portfolios."

The bank has confirmed that in the interim, the division will be run by Kelly Prior and Scott Spencer, who in turn will be overseen by Ed Robertiello.

Mr Potter and Mr Burdett's destination is not known, but speculation is rife that they will set up their own operation.

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