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Thursday, June 9, 2022

Suisse Street?

News summary by MFWire's editors

A $4.02-trillion-AUM (as of March 31) asset manager's 230-year-old, publicly traded parent is reportedly considering buying a 166-year-old, publicly traded multinational on the other side of the pond, one that also has a big asset management arm.

Cyrus Taraporevala
State Street Global Advisors
Outgoing President, CEO
Boston-based State Street is planning to bid for Zurich-based Credit Suisse, Inside Paradeplatz reports. According to the Swiss publication, State Street has 40,000 employees, while Credit Suisse has more than 51,000. Credit Suisse has a market cap of $17.129 billion, while State Street has a market cap of $25.382 billion.

Since that report, Thomas Gottstein, Credit Suisse's CEO, has reportedly called the deal talk "really stupid." Yet the State Street folks are reportedly not responding to the deal talk.

State Street is an institutional bank and the parent of State Street Global Advisors (SSGA), a giant institutional asset manager with a big ETF business, too. Credit Suisse, on the other hand, is an investment bank and private bank, with a $508-billion-AUM (as of September 30) asset management arm (one eighth the size of SSGA).

The State Street-Credit Suisse deal talk now comes nine months after reports of SSGA possibly combining with a $1.5627-trillion-AUM, publicly traded asset manager. A year ago there reports of several asset management giants (including SSGA!) considering bidding for Credit Suisse's asset management business, though Credit Suisse management previously shared words of caution about asset management M&A. 

Edited by: Neil Anderson, Managing Editor

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