In a significant move within the financial sector, a team of five portfolio managers is exiting Credit Suisse to launch a new global macro fund at Lombard Odier Investment Managers. This development comes against the backdrop of Credit Suisse's recent acquisition by UBS Group AG and the ensuing organizational changes.
New Venture at Lombard Odier
Fund Launch Details: The fund, which uniquely blends discretionary and systematic strategies, is scheduled for launch in the third quarter as part of Lombard’s 1798 alternatives platform.
Team Leadership: The team is led by Valentin Petrescou, who has been at the forefront of unconstrained and global fixed income strategies at Credit Suisse since 2019. Petrescou's extensive experience in the field, including a previous tenure as a derivatives trader, positions him as a key figure in this new venture.
Departing Portfolio Managers
Resignations from Credit Suisse: Alongside Petrescou, portfolio managers Didier Anthamatten, Jeremy Gatto, Maximilian Witschel, and Philipp Mueller have also resigned to join the new fund at Lombard Odier.
Declined Comments: Both the departing team members and representatives from UBS and Lombard Odier have refrained from commenting on the matter.
Context of Credit Suisse’s Corporate Changes
Employee Exodus Post-Acquisition: Following its acquisition by UBS, Credit Suisse has witnessed a notable wave of employee departures, signaling a period of transition and uncertainty within the firm.
Challenges in UBS Integration: UBS has publicly acknowledged the complexity and projected long duration of the integration process with Credit Suisse, including significant financial implications due to ongoing legal liabilities of Credit Suisse.
Fund Characteristics and Market Dynamics
UCITS Fund Structure: The new macro fund is designed as a UCITS fund, which will allow for more frequent redemptions, a feature likely to be attractive to investors in the current market environment.
Macro Fund Market Challenges: The broader macro funds sector has experienced a turbulent period recently, influenced by fluctuating rates and the uncertainties surrounding global monetary policy.
This move by the Credit Suisse team to Lombard Odier highlights a strategic shift in the landscape of fund management, reflecting the ongoing evolution in investment strategies and the financial industry’s response to global economic trends. The launch of the new macro fund will be closely monitored as an indicator of how hybrid strategies fare in the current financial climate and how the market adapts to these innovative approaches.