Credit Suisse unit strengthens position in Britain
Credit Suisse Asset Management has said it plans to buy SLC Asset Management Group, the British subsidiary of Canada's Sun Life Financial.
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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