Credit Suisse to close managed lending
23 January 2015 New York
Image: Shutterstock
Credit Suisse is planning to wind down its managed lending business in the US.
Credit Suisse will wind down the business by 30 June, after deciding that its niche focus does not fit in with the bank’s wider investment banking strategy.
The third-party agency securities lending business, which operates out the Credit Suisse AG New York branch, works on behalf of large institutional investors in the US, matching their securities with broker-dealers for a fee.
The bank’s prime brokerage business is unaffected by the move, and will continue to support the securities borrowing needs of clients, which include hedge funds.
A Credit Suisse spokesperson said in a statement: “As a highly ranked global business, Credit Suisse is constantly assessing how to best create efficiencies for our franchise and our clients.”
“We remain committed to continuing to provide our clients with a top tier offering.”
Credit Suisse will wind down the business by 30 June, after deciding that its niche focus does not fit in with the bank’s wider investment banking strategy.
The third-party agency securities lending business, which operates out the Credit Suisse AG New York branch, works on behalf of large institutional investors in the US, matching their securities with broker-dealers for a fee.
The bank’s prime brokerage business is unaffected by the move, and will continue to support the securities borrowing needs of clients, which include hedge funds.
A Credit Suisse spokesperson said in a statement: “As a highly ranked global business, Credit Suisse is constantly assessing how to best create efficiencies for our franchise and our clients.”
“We remain committed to continuing to provide our clients with a top tier offering.”
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