Credit Suisse Asset Management (CSAM) platform sales team is down to one following the departure of Barry Porter to Perpetual Investments.
Porter, who starts at Perpetual on December 5, replaces Perpetual’s former head of platform distribution, Mark Papendieck, who left to join Skandia in October. Porter will have responsibility for selling Perpetual’s WealthFocus platform to the retail market. Since its launch in October 2003, WealthFocus has gained some traction in the market despite Perpetual’s lack of third-party distribution. The newly merged Centric Wealth dealer is one of the platform’s largest supporters with over $525 million in funds under advice in WealthFocus. Conversely, Credit Suisse Asset Management’s Master Wrap has struggled to attract flows since its inception in August 2004. However, earlier in the year, Brian Thomas, CSAM head of distribution, said the group was on track to reach its goal of 100 advisers using Master Wrap by February 2006. At present, Master Wrap has around $60 million under advice from around 67 advisers.
22 November 2005 00:00
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