PR
Newswire -- September 14, 2010 NEW
YORK, Sept. 14 /PRNewswire-FirstCall/ --Credit Suisse announced today that its
Asset Managementdivision hasagreed to acquire a minority interest inYorkCapitalManagement("York"),aleading
global hedge fund manager, based in New York. York will continue tooperateindependently
and willcontinue tobeled by Jamie Dinan, founder andChief Executive Officer,Dan
Schwartz, Chief InvestmentOfficer, and thefirm'sseniormanagement team. Under
the terms of the transaction, Credit Suisse will pay an initial USD 425 million
for its interest in York. The transaction will also provide for earn-out payments
based on five-year financial performance by York. The transaction will provide
retention arrangements for the Chief Executive Officer, Chief Investment Officer
and other senior York principals. The investment in York is a non-controlling
interest in the management company, not an investment in its funds, and is consistent
with the recently enacted US financial reforms. Credit Suisse expects to enter
into non-exclusive arrangements to provide distribution services for York funds. Rob
Shafir, Chief Executive Officer of Credit Suisse's Asset Management Division,
said, "This relationship with York is an important next step in executing
our growth strategy in Asset Management and extending Credit Suisse's leadership
in global alternative investments. Our clients will have access to a top-tier
suite of products, independently managed by York, and benefit from using York's
proven approach that has delivered superior returns to investors across market
cycles. We look forward to working with Jamie and his experienced team." Jamie
Dinan, Chief Executive Officer of York, added, "We are pleased to bring our
clients the advantages of a relationship with one of the world's preeminent financial
institutions and, also, to further align York's interests with its investors by
increasing our commitment to the firm through both long-term retention arrangements
and capital commitments. We see tremendous opportunities in the marketplace for
event- driven and credit strategies and we think our ability to capitalize on
these opportunities will be enhanced by Credit Suisse's global reach and resources,
particularly in parts of the world where we are increasing our investment activity.
We will continue to manage York as we always have - independently and with a disciplined,
research-driven and flexible approach to investing that has enabled us to build
an enduring institution and to generate superior risk-adjusted returns for our
clients over the past two decades." Founded
in 1991, York Capital Management has offices in New York, Washington, DC, London
and Hong Kong. York manages approximately USD 14 billion on behalf of institutions,
endowments, foundations, fund of funds, wealthy individuals and their families. The
transaction is subject to customary closing conditions, including certain regulatory
approvals, and is expected to close in the fourth quarter of 2010. Credit
SuisseAG Credit
Suisse AG is one of the world's leading financial services providers and is part
of the Credit Suisse group of companies (referred to here as 'Credit Suisse').
As an integrated bank, Credit Suisse offers clients its combined expertise in
the areas of private banking, investment banking and asset management. Credit
Suisse provides advisory services, comprehensive solutions and innovative products
to companies, institutional clients and high-net-worth private clients globally,
as well as to retail clients in Switzerland. Credit Suisse is headquartered in
Zurich and operates in over 50 countries worldwide.
The group employs approximately
49,200 people. The registered shares (CSGN) of Credit Suisse's parent company,
Credit Suisse Group AG, are listed in Switzerland and, in the form of American
Depositary Shares (CS), in New York.
Further information about Credit Suisse
can be found at www.credit-suisse.com. Asset
Management In
its Asset Management business, Credit Suisse offers products across a broad spectrum
of investment classes, including alternative investments such as, hedge funds,
private equity, real estate and credit, as well as multi-asset class solutions,
which include equities and fixed income products. Credit Suisse's Asset Management
business manages portfolios, mutual funds and other investment vehicles for a
broad spectrum of clients ranging from governments, institutions and corporations
to private individuals. With offices focused on asset management in 19 countries,
Credit Suisse's Asset Management business is operated as a globally integrated
network to deliver the bank's best investment ideas and capabilities to clients
around the world. All
businesses of Credit Suisse are subject to distinct regulatory requirements; certain
products and services may not be available in all jurisdictions or to all client
types. York
CapitalManagement York
Capital Management is an international private event-driven investment fund group
with approximately USD 14 billion of assets under management. York Capital was
founded in 1991 by Jamie Dinan and has primary offices in New York, Washington,
DC, London and Hong Kong. York specializes in high quality, value oriented public
and private equity investments, as well as credit securities. SOURCE
Credit Suisse AG
Subject
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SU/TNM, RE/New_York,
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Company
Codes: CS, CSGN
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