Credit Suisse has decided to close its emerging market brands fund and merge its asset into the global luxury brands fund as it continues to streamline its product range.
The original fund closed for subscriptions on 21 July 2017 and will close for redemptions on 21 August 2017.
Portfolio manager Juan Manuel Mendoza will continue to run the luxury brands fund, which has €145.8 million in assets.
The US$69.9 million EM Brands fund had been overseen by Anna Väänänen, who was lead manager since January 2015.
The Global Prestige fund, which invests in firms from both developed and emerging markets, has a large focus on Asian brands that provide luxury goods and can hold up tone third of its assets in emerging market stocks.
‘For many brands, 50% of revenues already come from emerging market consumers. In particular, the Chinese middle class is stepping up spending and is now the largest consumer group in the luxury goods and services industry,’ the firm said in a statement.
Credit Suisse has previously merged two of its luxury goods strategies as the Prestige fund also previously absorbed the CS (Lux) Luxury Goods Equity fund in 2015.