BlackRock closes buy of Credit Suisse's ETF business.
M2 EQUITYBITES-July 1, 2013-BlackRock closes buy of Credit Suisse's ETF business(C)2013 M2 COMMUNICATIONS http://www.m2.com
1 July 2013 - US investment management firm BlackRock Inc (NYSE:BLK) said today it had finalised the acquisition of Credit Suisse AG's exchange traded funds (ETF) business, expanding its Swiss market presence.
The buyer did not provide financial terms of the deal, which was agreed at the end of May.
Through the purchase, BlackRock adds funds based in Switzerland, Ireland and Luxembourg, which complement its existing ETF platform, iShares. They will operate under the iShares brand and will start trading as iShares ETFs on the exchanges where such funds are listed, the buyer said.
iShares, which has operates in Switzerland since 2003, had CHF7.7bn (USD8.1bn/EUR6.2bn) in Swiss assets across equities, fixed income and gold funds as at the end of May this year.
David Blumer, head of EMEA for BlackRock, commented that the acquisition indicated the company's commitment to Switzerland.
Credit Suisse AG operates as a unit of Credit Suisse Group AG (VTX:CSGN).
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jul 1, 2013|
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