Credit Suisse Asset Management and Credit Suisse First Boston will combine hedge funds-of-funds platforms into one $6 billion fund of funds co-managed by CSAM Managing Director Thomas Gimbel and CSFB Managing Director Jim Vos, said CSAM spokeswoman Caroline A. Chartier. Investment management staff of both funds of funds will be combined, and officials hinted new funds might be added to meet growing demand for absolute-return strategies. Currently, Mr. Gimbel and Alain DeCoster co-manage about $3.5 billion in fund of funds assets at CSAM, while Mr. Vos manages $2.5 billion in fund of funds assets at CSFB. Combining the two funds of funds and pooling their resources has been a priority of CSFB Vice Chairman Jeffrey M. Peek since Credit Suisse Asset Management became part of CSFB Jan. 1, Ms. Chartier said.
Mr. DeCoster plans to leave CSAM at the end of August to "pursue other interests, according to a news release. Attempts to reach him by press time were unsuccessful.