CS sells chunk of asset management firm

The Credit Suisse Group has signed an agreement to sell part of its asset management business in return for a stake of up to 24.9 per cent in Aberdeen Asset Management.

This content was published on December 31, 2008 - 10:20

Switzerland's second-largest bank said in a statement on Wednesday that the stake was valued at about SFr381 million ($361.15 million).

The sale includes SFr75 billion of assets under management. Under the terms of the deal, Credit Suisse will have a seat on the board of Aberdeen.

The deal will see Aberdeen, which currently has $160 billion in assets under management acquire an additional $27.7 billion of assets, making it Britain's largest-listed fund manager.

"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," commented Rob Shafir, CEO of Credit Suisse's Asset Management Division.

This article was automatically imported from our old content management system. If you see any display errors, please let us know:

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

Contributions under this article have been turned off. You can find an overview of ongoing debates with our journalists here. Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at

Share this story

Change your password

Do you really want to delete your profile?