BOSTON, Dec 17 (Reuters) - The funds arm of Swiss bank Credit Suisse Group AG plans to quit managing U.S. money-market funds and is liquidating three funds that have about $8 billion in assets, according to regulatory filings.
The funds being shut are the $6.9 billion Prime Portfolio, the $581 million Government Portfolio and the $574 million Cash Reserve Fund, filings by the funds on Dec. 15 to the Securities and Exchange Commission show.
The funds said in the filings the reason for the liquidations was that Credit Suisse Asset Management 'intends to cease managing U.S. money market funds in the near future.'
The funds are expected to be liquidated in early 2009 and will be closed to new investors from Dec. 22, the filings said. The winding up of the Cash Reserve Fund requires approval of the fund's shareholders, they said.
'We have decided to wind these funds down to focus and invest in areas where we have scale and can deliver competitive advantages, in line with our overall asset management strategy,' Credit Suisse spokesman Bruce Corwin said in an emailed statement on Wednesday.
Credit Suisse Asset Management had $142.7 billion in assets in the United States as of Sept. 30, Corwin said.
(Reporting by Muralikumar Anantharaman; Editing by Andre Grenon) Keywords: CREDITSUISSE/FUNDS (murali.anantharaman@thomsonreuters.com +1 617 856 4341; Reuters Messaging: murali.anantharaman.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The funds being shut are the $6.9 billion Prime Portfolio, the $581 million Government Portfolio and the $574 million Cash Reserve Fund, filings by the funds on Dec. 15 to the Securities and Exchange Commission show.
The funds said in the filings the reason for the liquidations was that Credit Suisse Asset Management 'intends to cease managing U.S. money market funds in the near future.'
The funds are expected to be liquidated in early 2009 and will be closed to new investors from Dec. 22, the filings said. The winding up of the Cash Reserve Fund requires approval of the fund's shareholders, they said.
'We have decided to wind these funds down to focus and invest in areas where we have scale and can deliver competitive advantages, in line with our overall asset management strategy,' Credit Suisse spokesman Bruce Corwin said in an emailed statement on Wednesday.
Credit Suisse Asset Management had $142.7 billion in assets in the United States as of Sept. 30, Corwin said.
(Reporting by Muralikumar Anantharaman; Editing by Andre Grenon) Keywords: CREDITSUISSE/FUNDS (murali.anantharaman@thomsonreuters.com +1 617 856 4341; Reuters Messaging: murali.anantharaman.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.