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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.

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.