Friday, 1 July 2016
Last updated 26 min ago
Mar 4 2011 | 10:40am ET
Credit Suisse Group is poised to buy fund of hedge funds Rock Creek Group.
The two sides are in advanced talks and a deal could come within 10 days, AR magazine reports.
A deal for Rock Creek would give Credit Suisse a substantial institutional fund of funds business. The Swiss bank's current fund of funds business, which has about $10 billion in assets under management, specializes in high-net worth clients, especially those who already patronize Credit Suisse's private bank.
Washington, D.C.-based Rock Creek is headed by Afsaneh Beschloss, the World Bank's former chief investment officer. The firm manages about $5.5 billion.
Last year, Credit Suisse bought a minority stake in York Capital Management. In addition, the bank is the majority owner of Asset Management Finance, which has bought stakes in 21 asset managers, most recently in hedge fund Brigade Capital Management.