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Credit Suisse Agrees to Sell Part of Global Investors Business to Aberdeen Asset Management
By
Leslie Kramer
January 05, 2009
Credit Suisse has signed an agreement to sell part of its Global Investors (GI) traditional asset management business in return for up to 24.9% of the enlarged share capital of Aberdeen Asset Management. The stake is valued at approximately CHF 381 million (GBP 250 million) as of December 30, 2008. The sale comprises CHF 75 billion of assets under management and includes the majority of the GI business in Europe, the US, and Asia Pacific. As part of the transaction, Credit Suisse will have a seat on the Board of Aberdeen. The transaction is subject to customary closing conditions, including regulatory approvals in various jurisdictions and approval by Aberdeen shareholders, and is expected to close in the second quarter of 2009.
In Switzerland, Credit Suisse will maintain its market leading asset management franchise, while the management of a small number of Swiss-domiciled funds will transfer to Aberdeen. Credit Suisse will continue to operate its Global Investor business in Brazil and through its various joint ventures across the globe.
"We believe this transaction offers our clients a compelling opportunity, providing them with access to an enhanced suite of investment products provided by a premier manager that has historically had strong performance across many asset classes," said Rob Shafir, CEO of Credit Suisse's Asset Management Division, in a press release.
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