Exclusive-Credit Suisse U.S. asset manger draws interest from Janus and Blue Owl -sources by Stocksak

© Stocksak. FILE PHOTO – The logo of Swiss bank Credit Suisse can be seen at its Zurich headquarters on October 4, 2022. REUTERS/Arnd Wiegmann

Pamela Barbaglia and David French, Anirban Sen

(Stocksak). – Financial managers such Janus Henderson Group (NYSE 🙂 and investment companies such as Blue Owl Capital Inc are considering potential offers for Credit Suisse Group AG’s U.S. Asset Management unit, people familiarized with the matter said on Friday.

The Swiss bank is looking to buy the business as part its multi-pronged effort, which follows a string scandals and financial setbacks.

Sources said Janus and AllianceBernstein (NYSE) Holding, a rival asset manager, Blue Owl, as well as private equity firms Centerbridge Partners, Clearlake Capital, are looking into possible bids.

Ameriprise Financial Inc. (NYSE:) is another asset manager that Credit Suisse may consider participating in the auction process. Invesco Ltd., one of the additional sources, is also being considered.

According to sources, the unit could sell for around $2 billion. However, they cautioned that no deal is certain. They requested anonymity because it is confidential.

Janus Henderson, Clearlake, Invesco, Credit Suisse and Blue Owl declined to comment. Centerbridge, Ameriprise and AllianceBernstein did not immediately respond.

Dealmaking has been a common strategy used by asset management firms to increase their scale. This helps to alleviate the pressures of competition and fee depression that result from the shift to passive investing.

Janus Henderson was created in 2017 from Janus Capital Group and Henderson Group. Blue Owl was formed last Year from the three-way merger between Owl Rock Capital (NYSE) Group and Dyal Capital Partners.

Invesco and Ameriprise were active buyers of asset manager in recent years.

Ameriprise, a Minneapolis-based company, bought Bank of Montreal’s business for 615 million pounds ($695.1million). Invesco has also completed deals, including OppenheimerFunds from Massachusetts Mutual Life Insurance Company.

Credit Suisse has been trying to get rid of a few underperforming businesses in advance of its closely-watched strategy review update next Wednesday.

Friday’s announcement by the bank was that it would sell its 8.6% stake at fund distribution firm Allfunds Group to 334 million euros ($329.2million) and its stake at Energy Infrastructure Partners to EIP managing partners for an undisclosed sum.

($1 = 1.0145 euros)

($1 = 0.8847 pounds)

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