About Us  |   Contact Us  |   Register  | Login  |   

Follow HedgeWorld on Twitter HedgeWorld on LinkedIn






HEDGEWORLD NEWS
Search the News
Advanced News Search
HedgeWorld News by Region
United States / Americas
Europe
Asia / Australia
International
HedgeWorld News Sections
Managed Futures & Derivatives
Daily News
Regulatory/Legal
Strategies/Analysis
Technology
Opinion
People
Indexes
Other News Features
Most Popular
LexisNexis Headlines
Reuters Headlines
The HedgeWorld Blog
Alternative Advantage Daily Newsletter
RSS Service
Sign Up For Email News Alerts
Reprints



UPDATE 1-Credit Suisse to sell private equity business -sources
07/31/2013 Email this story  |  Printable Version

July 31 (Reuters) - Credit Suisse Group AG is in advanced talks to sell a private equity business to Grosvenor Capital Management LP as the bank adapts to stricter rules for managing capital and risk, a person familiar with the matter said on Wednesday.

The deal, to be valued at more than $200 million in cash and other considerations, could be announced as early as this week, the Wall Street Journal earlier reported.

A Credit Suisse spokeswoman declined to comment while a Grosvenor representative was not immediately available for a comment.

The business, called Customized Fund Investment Group, oversees about $20 billion in client assets invested in third-party private equity funds. Chicago-based Grosvenor Capital is a privately owned investor in hedge funds with $23 billion in client assets.

Like other investment banks affected by new regulations on capital requirements and investment activities, Credit Suisse has been shedding businesses it now sees as non-core.

In April, it announced it would sell its secondary private equity business, which buys and sells stakes in private equity funds and has $9 billion in assets under management, to Blackstone Group LP, part of an effort to boost capital by 15.3 billion Swiss francs ($16.25 billion) after a call from the Swiss National Bank.


Email This Story to a Friend   |   Display Printable Version of This Story

Story Copyright © 1999-2014 Reuters HedgeWorld All rights reserved.

HedgeWorld News is sponsored by:






Lipper    Privacy   User Policy  Legal Disclosure Copyright/DMCA  Site Map    FAQ    Glossary  Thomson Reuters for Hedge Funds
All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of HedgeWorld content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. HedgeWorld is a registered trademark of Thomson Reuters.