WEST PALM BEACH, FL (www.HedgeCo.Net) – Credit Suisse Asset Management has announced its plans to streamline its US operations. According to the new released statements, the company wants to make itsUS business profitable by reducing cost. CSAM said in a statement, “In wealth and asset management, key initiatives will include the strengthening of internal funds in areas delivering strong growthand performance.�
CSAM wants to spin off its private equity subsidiary, DLJ Merchant Banking, as well as its internal hedge fund, the Credit Opportunities Fund and Diversified Credit Strategies. The company hopes to implement those plans in 2005. The firm also said it will expand other hedge fund operations where good profit potentials exist.
CSAM provides services to institutional investors such as pension funds, endowments and others. There are expectations that institutional investors would increase there asset allotments to hedge fund portfolios and CSAM wants to increase its share of the new anticipated business in 2005. Over the years, institutional investors have devoted more investment assets to hedge funds. In 2001 over $76 billion were put into hedge fund portfolios, and in 2003, such investment grew to $137 billion. There is an expectation that in 2005 those investments will hover near $206 billion.
CSAM is also planning to expand its products globally, including the highly popular fund of hedge funds operations. No further details were provided on when and where such expansion will occur.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
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