Credit Suisse Asset Management has said it plans to buy SLC Asset Management Group, the British subsidiary of Canada's Sun Life Financial.This content was published on October 15, 2001 - 14:35
The deal, subject to regulatory approval, will increase Credit Suisse Asset Management's funds under management by SFr25.9 billion ($15.96 billion). The transaction includes a property investment business worth SFr1.9 billion.
Under the terms of the deal, the SLC name will be phased out and the existing business will be re-branded as Credit Suisse Asset Management.
"This is a strategic acquisition for CSAM in that it significantly strengthens CSAM's position in the largest pension and retail fund market in Europe, brings us a set of new client and consultant relationships and gives us a stronger platform from which to leverage our global capabilities in the UK," said CSAM CEO, Phillip Colebatch.
Credit Suisse Asset Management will immediately begin a transition and integration project to merge the two businesses. The firm intends to retain its British base of operations in the City of London.
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