BlackRock grabs hold of Credit Suisse’s ETF business
14 January 2013 London
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BlackRock’s position in Swiss investment market is set to be extended after it entered into a definitive agreement to acquire the ETF business of Credit Suisse.
The transaction—subject to regulatory approvals and expected to be finalised by Q2 2013—complements BlackRock’s existing iShares ETF range, with funds domiciled in Switzerland, Ireland and Luxembourg.
This will be the asset management firm’s second acquisition in the country in the last 12 months following the purchase of Swiss Re Private Equity Partners in 2012.
Credit Suisse manages $17.6 billion across the 58 funds in its ETF range, including $8.7 billion in nine funds domiciled in Switzerland as well as funds domiciled in Ireland and Luxembourg.
The business is complementary to BlackRock’s ETF platform, iShares, and will expand iShares’ local product range in Switzerland, enabling Swiss-based clients to access the largest European ETF offering across equities, fixed income and gold.
Martin Keller, head of distribution for Core Investments at Credit Suisse, said: “In BlackRock we have found a buyer who is a leader in the ETF industry. Credit Suisse will remain a large investor of ETFs through our private banking and wealth management division and will partner closely with BlackRock to broaden the ETF product offering for our clients. We believe that BlackRock is well positioned to realise the long-term value of our ETF business.”
The terms of the transaction were not disclosed.
The transaction—subject to regulatory approvals and expected to be finalised by Q2 2013—complements BlackRock’s existing iShares ETF range, with funds domiciled in Switzerland, Ireland and Luxembourg.
This will be the asset management firm’s second acquisition in the country in the last 12 months following the purchase of Swiss Re Private Equity Partners in 2012.
Credit Suisse manages $17.6 billion across the 58 funds in its ETF range, including $8.7 billion in nine funds domiciled in Switzerland as well as funds domiciled in Ireland and Luxembourg.
The business is complementary to BlackRock’s ETF platform, iShares, and will expand iShares’ local product range in Switzerland, enabling Swiss-based clients to access the largest European ETF offering across equities, fixed income and gold.
Martin Keller, head of distribution for Core Investments at Credit Suisse, said: “In BlackRock we have found a buyer who is a leader in the ETF industry. Credit Suisse will remain a large investor of ETFs through our private banking and wealth management division and will partner closely with BlackRock to broaden the ETF product offering for our clients. We believe that BlackRock is well positioned to realise the long-term value of our ETF business.”
The terms of the transaction were not disclosed.
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