BlackRock is one of several asset managers interested in acquiring Credit Suisse’s asset management arm, Reuters reported last Friday.
According to the report, other interested parties include US investment firm State Street, German group DWS, which recently received green light from Deutsche Bank CEO for acquisitions, as well as Jean-Pierre Mustier’s blank-check firm, Pegasus Europe.
According to Bloomberg, one more investment house considering the purchase is Allianz. The decision about the potential sale of the unit will become clearer in the coming weeks, as the Swiss group’s new chairman, Lloyds Banking Group chief Antionio Horta-Orsorio, takes on his role.
Despite the rumours, a spokesperson for Credit Suisse said the bank had no plans to sell all or any parts of its asset management business.
Credit Suisse last week announced it expects a CHF4.4bn (€3.9bn) charge following the failure of US hedge fund Archegos to meet its margin call commitments. The Swiss bank currently anticipates a CHF 900m (€812m) pre-tax loss for the first quarter of 2021.
This came at a challenging time for the Swiss company, as it is coupled with the ongoing suspension and liquidation of the supply chain finance funds linked to the embattled Greensill Capital.
The initial redemption of $3.1bn was made across four supply-chain finance funds on 8 March 2021. The aggregated net asset value of the strategies was $10bn at the end of February 2021.
Thomas Gottstein, chief executive officer of Credit Suisse, has discussed separating the asset management unit from the wealth management division. On 1 April, a former senior manager at UBS, Ulrich Körner assumed the CEO role within Credit Suisse’s asset management division.
This article originally appeared on Citywire.
