Credit Suisse announces AMF buy

26 August 2008

Canadian financial firm National Bank Financial has sold its 80 per cent stake in Asset Management Finance (AMF) to Credit Suisse.

The deal, which sees the Swiss bank hand over around $384 in new shares, has also been cleared by regulators.

AMF operates through providing funds to asset managers in exchange for a stake in future earnings for a pre-set term.

In total, the company has completed a total of 12 deals with managers, who collectively have assets worth around $50 billion.

Brian Finn at Credit Suisse commented: "This transaction is consistent with our strategy of adding leading investment businesses to our platform. AMF has a significant pipeline due to the demand for capital from a significant number of high-quality asset managers.

"In addition, AMF has significant opportunities for growth outside the US."

He added: "We look forward to leveraging our single-center of excellence model to expand and grow AMF's business."

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