Credit Suisse Asset Management has filed a proxy with the SEC to close its CS Warburg Pincus Long-Short Market Neutral Fund. While the firm filed the proxy just recently, the liquidation comes as no surprise, because the firm decided this summer to reassess its fund offerings.
The fund, with a quant-based strategy designed to minimize investment risk, did not fit the firms goals. It took its first steps to transition the fund on July 30, when it closed the fund to new investors and switched all of its positions to cash. The three portfolio managers, Eric Remole, Marc Bothwell, and Michael Welhoelter, have been terminated but will continue with the product transition through the end of October.