The New York Times reports that the sale by Credit Suisse, which is to report first-quarter results on Wednesday, comes as the bank reduces its presence in so-called alternative investments like private equity funds.
Under the terms of the deal, announced late on Monday, Blackstone will buy Strategic Partners, a private equity business owned by Credit Suisse. The unit specializes in buying stakes in funds from other investors and has $9bn of assets under management. The price of the acquisition was not disclosed.
In the meantime, Bloomberg reports that Gleacher & Co, the brokerage that closed its fixed-income business, should seek a 'rapid rebirth' as an asset manager, according to activist shareholder Clinton Group.
Clinton Group, part of a coalition with a 7.7% stake in the brokerage, urged stockholders in a regulatory filing Monday to vote for its slate of directors, who would then use Gleacher’s brand to build a money-management business. Other investors favor liquidating the firm, Clinton Group said.
image: © Valerie Everett