Credit Suisse Asset Management and Credit Suisse First Boston Launch New $ 6 billion Hedge Fund-of-Funds Management Platform.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 22, 2002 Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Asset Management: Multi-manager Capability is one of the Biggest in the Alternative Investments Business Credit Suisse Asset Management (CSAM CSAM Credit Suisse Asset Management CSAM College of Science and Mathematics CSAM California Society of Addiction Medicine (San Francisco, California) CSAM Certified Senior Account Manager ) and Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. (CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank ) announced today the formation of a new $6 billion multi-manager hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" investment capability that represents one of the largest pools of alternative investment assets being managed in the industry. Thomas Gimbel, Managing Director at CSAM and Jim Vos, Managing Director at CSFB, will lead the investment teams which will include personnel from both CSAM and CSFB. The new investment platform will offer products built around absolute return and hedged-directional strategies. Gimbel and Vos are recognized leading professionals in alternative investment management with over 20 years of combined hedge fund investment experience. They will bring together the efforts of existing portfolio management groups and oversee the further growth and strengthening of manager and strategy research, portfolio construction and risk management teams. The Alternative Investment platform will focus on generating best-in-class investment management of these increasingly popular investment vehicles. Currently CSAM's hedge fund-of-funds capability includes funds managed by Gimbel and Alain DeCoster, who will leave CSAM at the end of August to pursue other interests. CSFB currently manages hedge funds-of-funds in connection with its Fund-Linked Products business which offers structured hedge fund-linked investments. The new platform will bring together the investment professionals responsible for the current $ 3.5 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. managed by Gimbel and DeCoster at CSAM, and the $2.5 billion in funds under management by Vos at CSFB, and will increase resources devoted to these funds as well as new offerings. Laurence Smith, Chief Investment Officer for CSAM said, "The launch of this combined alternative investment capability strengthens our abilities to deliver a best-in-class service to our clients across an asset class that is increasingly a key part of many clients' portfolios. We have every belief that building this combined platform will allow us to become the industry leader in this asset class". Notes to editors: Credit Suisse Asset Management is the institutional and mutual fund asset management arm of Credit Suisse First Boston, part of the Credit Suisse Group, one of the world's largest financial organizations with approximately USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 867.6 billion in assets under management. Credit Suisse First Boston (CSFB) is a leading global investment bank serving institutional, corporate, government and individual clients. CSFB's businesses include securities underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , sales and trading, investment banking, private equity, financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , investment research, venture capital, correspondent brokerage services and asset management. CSFB operates in over 89 locations across more than 37 countries on 6 continents. For more information on Credit Suisse First Boston, please visit our Web site at http://www.csfb.com. As of June 30, 2002, Credit Suisse Asset Management employed 2,262 people worldwide and had global assets under management of approximately USD 306.9 billion. Please note that this is not an offer for advisory services by Credit Suisse Asset Management. For more information on Credit Suisse Asset Management, please visit our Web site at http://www.csam.com. Cautionary statement regarding forward-looking information: This press release contains statements that constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our plans, objectives or goals; our future economic performance or prospects; the potential effect on our future performance of certain contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. ; and assumptions underlying any such statements. Words such as "believes," "anticipates," "expects," intends" and "plans" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable laws. 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Expropriation is the act of a government taking private property; Eminent Domain is the legal term describing the , nationalization nationalization, acquisition and operation by a country of business enterprises formerly owned and operated by private individuals or corporations. State or local authorities have traditionally taken private property for such public purposes as the construction of or confiscation confiscation In law, the act of seizing property without compensation and submitting it to the public treasury. Illegal items such as narcotics or firearms, or profits from the sale of illegal items, may be confiscated by the police. Additionally, government action (e.g. of assets in countries in which we conduct our operations; (vii) the ability to maintain sufficient liquidity and access capital markets; (viii) operational factors such as systems failure, human error, or the failure to properly implement procedures; (ix) actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations; (x) the effects of changes in laws, regulations or accounting policies or practices; (xi) competition in geographic and business areas in which we conduct our operations; (xii) the ability to retain and recruit qualified personnel; (xiii) the ability to maintain our reputation and promote our brands; (xiv) the ability to increase market share and control expenses; (xv) technological changes; (xvi) the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users; (xvii) acquisitions, including the ability to integrate successfully acquired businesses; and (xviii) our success at managing the risks involved in the foregoing. We caution you that the foregoing list of important factors is not exclusive; when evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, as well as the risks identified in our Form 20-F and reports on Form 6-K filed with the US Securities and Exchange Commission. The following should not be construed as an offer to purchase any security or interest in any vehicle. |
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