LOIM merges away consumer and luxury funds
Swiss group Lombard Odier Investment Managers (LOIM) is to merge the LO Funds – Global Consumer fund into the LO Funds – Global Prestige fund on 7 August 2018, InvestmentEurope has learned.
As of 2 August 2018, the Global Consumer fund, run by LOIM’s head of Equities Didier Rabattu, had $33.76m of assets under management. These assets will be poured into the Global Prestige fund that was launched jointly by LOIM and Credit Suisse Asset Management last 26 June and designed as a a high-conviction global equity strategy investing in companies offering luxury or prestige products and services with premium brands.
At that time, the €236m assets of the Credit Suisse (Lux) Global Prestige Equity Fund had been transferred into the fund managed by Juan Mendoza who had joined LOIM as senior portfolio manager to run the fund.
“The decision of the board of directors of the fund to proceed with the contemplated Merger takes place in the context of the restructuring of the products range managed by the management company in order to ensure the rationalisation of the offer of investment products and the realisation of economies of scale,” explained LOIM in a letter to shareholders.