Thu, Jul 30, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Credit Suisse Asset Management to acquire minority interest in York Capital Management

Tuesday, September 14, 2010
Opalesque Industry Update - Credit Suisse announced that its Asset Management division has agreed to acquire a minority interest in York Capital Management (“York”), a global hedge fund manager, based in New York. York will continue to operate independently and will continue to be led by Jamie Dinan, founder and Chief Executive Officer, Dan Schwartz, Chief Investment Officer, and the firm’s senior management 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.

(press release)

Source

kb

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Despite bumpy June/July, CTAs hold on[more]

    Bailey McCann, Opalesque New York: To say that things have been rocky in managed futures recently is putting it mildly. In June, the industry saw its worst month on a performance basis in the past four years. Then yesterday,

  2. Investing - Hedge funds, seeing opportunity, invest in struggling hotels in Puerto Rico[more]

    From NYTimes.com: Puerto Rico’s tourism industry has fallen victim to the island’s struggling economy, hit by one misfortune after another. In March, the San Juan Beach Hotel filed for bankruptcy. This week, the Condado Plaza Hilton was forced to close its casino. But nearly two thousand miles away,

  3. Investing - Hedge fund billionaires bet on London as revival gathers pace[more]

    From Bloomberg.com: London’s fund industry is bouncing back, and U.S. billionaires Steven A. Cohen and Ken Griffin are grabbing a piece of the action. Griffin’s Citadel and Millennium Management, a hedge fund run by Israel Englander, have bulked up in London, where asset growth is outpacing the U.S.

  4. Bridgewater turns bearish on China[more]

    Komfie Manalo, Opalesque Asia: The world’s biggest hedge fund Bridgewater Associates and one of the most vocal of China’s potential is now turning its back against the world’s second largest economy as it joins a growing list of high-profile investors who are challenging China’s potentials.

  5. Opalesque Roundup: Hedge fund assets rose to 11th consecutive quarterly record level: hedge fund news, week 31[more]

    In the week ending 24 July, 2015, the total global hedge fund industry assets rose to the 11th consecutive quarterly record level in 2Q15 to $2.97tln; Eurekahedge reported that hedge funds raised $93bn in the first six months of 2015; The SS&C GlobeOp Forward Redemption Indicator for July 201

 

banner