FRANCE – Credit Agricole Asset Management has decided to move the management of its sector-based funds in-house. The 41 million euro Credit Agricole global healthcare fund has been moved in-house, resulting in a loss of a US sub-advisory mandate for AIM Funds, part of the Amvescap group.
Previously the US sector of the 41 million euro global fund was managed by Mike Yellen of AIM, which was the worst performing sector of the entire fund in the last three months.
Credit Agricole, which has 3.8 billion dollars in European pension assets under management, insists that the performance was not a consideration when moving the US sector of the fund in-house. Rather, “the reasons were organisational and strategic”.
The implementation of in-house sectoral teams into Credit Agricole’s strategy coupled with the possibility of better risk control were cited as reasons for the change; it was felt that external management for parts of portfolios was no longer necessary.
Olivia Asseo is now responsible for the management of the US sector of the fund. Ines Prevot-Leygonie remains the portfolio manager for the rest of the global healthcare fund.
Amvescap is an independent global investment manager, operating 323.6 billion dollars in assets under management. The AIM division manages and distributes mutual funds and related products to retail and institutional investors primarily within North America.