Credit Suisse Group has completed its integration of the asset management arm of Donaldson, Lufkin & Jenrette Inc. and appointed a management committee to run the combined operation.
The DLJ unit was merged Friday into Credit Suisse Asset Management Americas, the Swiss banking companys New York institutional asset management and mutual fund arm. The Americas unit has eliminated 35 jobs, mostly in client service, marketing, and operations.
Jim McCaughan will remain chief executive officer of the Americas division. Other committee members include Moffet Cochran, president; Marty Jaffe, chief financial officer; Larry Smith, global chief investment officer; Elizabeth Dater, head of U.S. post venture/small cap; and Chris Corapi, director of research.
Credit Suisse completed its acquisition of Donaldson last month for $12.2 billion. The purchase increased the Americas divisions assets under management by 51%, to over $100 billion.
Leslie Mayock, a Credit Suisse spokeswoman, said that Donaldsons asset management group adds capabilities that Credit Suisse lacked, such as a fund of funds, cash management, and fixed income expertise. Donaldsons products, such as the fund of funds, will help Credit Suisse appeal to high-net-worth clients, she said.
Donaldson has been especially successful at drumming up institutional asset management business from its investment banking clients, and Credit Suisse will look to it as a model as the company attempts to sell asset management services to clients of its investment banking unit, Credit Suisse First Boston, Ms. Mayock said.
Credit Suisse is in the process of merging Donaldsons fund family, which manages $1 billion of assets in 11 portfolios, into its Warburg Pincus Funds, which have about $10.5 billion of assets in 35 portfolios. The company is still deciding whether some of the individual portfolios will be merged, she said.
Geoffrey H. Bobroff, a mutual fund consultant in East Greenwich, R.I., said that the fund groups are largely complementary. The Warburg Pincus Funds tend to be more sector and specialty-oriented, while Donaldsons funds are more mainstream, he said.
