Credit Suisse Group has partnered with Brazilian money manager Luis Stuhlberger to set up a new asset management venture under Stuhlberger’s control.
The new venture, to be named as Verde Asset Management, will open next January with Credit Suisse and some of Stuhlberger’s associates as minority partners, according to Reuters.
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Verde Asset Management is expected to manage about BRL30 billion (US$13.6 billion) in client money, which is about 50% more than what Stuhlberger handles as chief investment officer of Credit Suisse Hedging Griffo, the bank’s money management unit in Brazil.
Under the agreement, Credit Suisse and Stuhlberger will propose that clients allow Verde Asset Management to assume control of funds currently invested in the Verde family, and return about 40% of the fund’s capital to investors in four bi-annual installments.
Jose Olympio Pereira, CEO of Credit Suisse’s Brazilian unit, was quoted by the source, saying, "With this, our clients will continue to have access to the best investment options through our large platform of products and services."
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