Credit Suisse’s Asset Management division will
acquire a minority interest in York Capital Management, a New
York-based hedge fund manager.
Credit Suisse will pay $425m for a
non-controlling interest in York but the bank said it is not an
investment in the funds and is consistent with recent US financial
reforms.
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The so-called Volcker rule, part of the
reform, stops banks investment in and sponsorship of hedge funds
and private equity funds, and limits relationships with hedge funds
and private equity funds.
York will continue to operate independently
and will continue to be led by Jamie Dinan, founder and chief
executive.
Credit Suisse said it expects to provide
distribution services for York funds.
The acquisition is in line with Credit
Suisse’s strategy to grow its asset management division and build
on global alternative investments.
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By GlobalDataYork manages approximately $14bn on behalf of
institutions, endowments, foundations, fund of funds, wealthy
individuals and their families.
Separately, Credit Suisse has launched 45
Exchange Traded Funds (ETFs) on the London Stock Exchange (LSE),
building on the success of its European ETF platform.
The focus of 14 of the ETFs is emerging
markets, where Credit Suisse already has a global footprint.
Dan Draper, Global head of ETFs at Credit
Suisse, said: “It is an exciting time for the European ETF
industry. This is only the beginning of the story, we see potential
for rapid growth in Europe, similar to that seen in the US over the
past decade.”
Credit Suisse launched its ETF Platform in
2001 and is the largest provider of ETFs in Switzerland and the
fourth largest provider in Europe.
It has CHF12bn ($11.9bn) in ETFs assets under
management.
