, or State Street Global Advisors (SSGA
) will soon snap up a European multinational's $477-billion-AUM asset management arm.
| Ulrich Koerner|
CEO of Asset Management
Unnamed sources tell Reuters
that State Street Corp (SSGA's parent), BlackRock, DWS, and Pegasus Europe
(a soon-to-IPO SPAC led by a former chief of UniCredit) are among the players considering making bids for Credit Suisse's
] asset management business. A Credit Suisse spokesperson tells the wire service that the publicly traded Swiss bank has no plans to sell any or all of its asset management businesses.
The deal-interest rumors come as Credit Suisse is dealing with the fallout
from the collapse of a pair of clients, Greensill Capital and Archegos Capital Management. Citing unnamed sources, Reuters
reports that Credit Suisse is early on in a strategic review of its asset management business, now led
by Ulrich Koerner
and separated from wealth management.
Credit Suisse's asset management business had 440 billion Swiss francs (about $477 billion) in AUM last year, and it suffered a before-tax loss of 42 million Swiss francs. Citing unnamed sources, Reuters
says Credit Suisse's asset management business could be worth between $3.7 billion and $4 billion. That translates into between 0.78 percent and 0.84 percent of its AUM.
Neil Anderson, Managing Editor
Stay ahead of the news ... Sign up for our email alerts now