Lombard Odier Investment Managers (Lombard Odier IM) has agreed to acquire a luxury goods global equity strategy from Credit Suisse.
Under the agreement, Lombard Odier IM will roll out the new luxury goods vehicle, called LO Funds – Global Prestige, on 26 June 2018.
The firm will transfer assets worth €236m in Credit Suisse (Lux) Global Prestige Equity Fund to this new fund.
The new strategy will invest in 30 to 40 stocks, targeting emerging consumers, millennials and other consumer-related trends.
Credit Suisse Asset Management head of Switzerland and EMEA Michel Degen said: “Our industry is continuously evolving. Partnering with other firms is crucial if we are to meet the needs of clients and thrive as an industry.”
At the same time, Lombard Odier IM will appoint Credit Suisse fund manager Juan Mendoza to manage the new fund. Mendoza will be assisted by Lombard Odier IM high conviction equity team analyst Ingrid Nouhaud.
Lombard Odier IM head of equities Didier Rabattu said: “The strategy is well aligned with our Discounted Excess Economic Return (DEER) investment philosophy. Global Prestige is a strong complement to our well-established expertise in thematic investing, which includes capabilities in the brand, luxury and consumer-related sectors.”