Credit Suisse yesterday (July 1, 2009) announced that it has successfully completed the sale of part of its Global Investors traditional asset management business to Aberdeen Asset Management. It now holds 240 million of Aberdeen shares, which are equivalent to a 23.9% equity stake in Aberdeen. Credit Suisse will be represented on the Board of Directors of Aberdeen Asset Management.
On December 31, 2008, Credit Suisse announced that it had signed an agreement to sell part of its Global Investors (GI) business to Aberdeen Asset Management. The sale comprised CHF 75 billion of assets under management as per December 31, 2008, and includes the majority of the GI business in Europe, the United States and Asia Pacific.
Credit Suisse is subject to a staggered, three year lock-up with respect to the Aberdeen shares, and a three year standstill, preventing Credit Suisse from acquiring 25.0% or more of Aberdeen's share capital. As part of the transaction, Credit Suisse and Aberdeen have created a mutually beneficial and enhanced distribution framework for both Credit Suisse and Aberdeen products.
Rob Shafir, CEO of Asset Management at Credit Suisse, said: "The successful close of this transaction represents a significant step forward in our strategy of focusing our resources on our alternatives, asset allocation/Multi Asset Class Solutions (MACS) and Swiss businesses. Our partnership with Aberdeen also offers our asset management clients a compelling opportunity: access to an enhanced suite of investment products provided by a premier international manager with strong performance across a variety of asset classes. Asset Management is one of Credit Suisse's core businesses, allowing us to deliver the full integrated bank to our clients around the world, working closely with our Private Banking and Investment Banking partners."
Aberdeen Asset Management is one of the UK's leading providers of institutional asset management services, and a top-tier active global manager of equities, fixed income and property assets in aggregated, closed and open-ended pooled structures. Aberdeen's total assets under management were £96.3 billion as of March 31, 2009.
Source: Credit Suisse