Sunday, 24 May 2015
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Mar 14 2013 | 1:20pm ET
Credit Suisse will hold on to the hedge fund stakes it currently owns but will make no further such investments as it seeks to come into compliance with new international regulators.
The bank had hoped to sell some of the hedge fund stakes owned by its Asset Management Finance unit to the Blackstone Group and Carlyle Group. But with those talks failing to produce a deal, Credit Suisse will keep AMF's hedge fund investments for now, The Wall Street Journal reports.
The bank will not add to its portfolio, however, having disbanded AMF's investment team. AMF CEO Brian Finn retired from the bank last month.
Credit Suisse bought New York-based AMF in 2008. The unit owns minority stakes in more than 20 asset managers, including Brigade Capital, FX Concepts, Lucidus Capital and MIR Investment Management.
Credit Suisse has been working to limit its risk-weighted assets, including the hedge fund stakes, with the Basel III international capital rules coming into force this year. The bank has already announced plans to raise billions to improve its capital ratio.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…