MutualFundWire.com: Will BlackRock, DWS, Or SSGA Snap Up a $477B-AUM AM?

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Tuesday, April 13, 2021

Will BlackRock, DWS, Or SSGA Snap Up a $477B-AUM AM?

Perhaps BlackRock, DWS, or State Street Global Advisors (SSGA) will soon snap up a European multinational's $477-billion-AUM asset management arm.

Ulrich Koerner
Credit Suisse
CEO of Asset Management

Unnamed sources tell Reuters that State Street Corp (SSGA's parent), BlackRock, DWS, and Pegasus Europe (a soon-to-IPO SPAC led by a former chief of UniCredit) are among the players considering making bids for Credit Suisse's [profile] asset management business. A Credit Suisse spokesperson tells the wire service that the publicly traded Swiss bank has no plans to sell any or all of its asset management businesses.

The deal-interest rumors come as Credit Suisse is dealing with the fallout from the collapse of a pair of clients, Greensill Capital and Archegos Capital Management. Citing unnamed sources, Reuters reports that Credit Suisse is early on in a strategic review of its asset management business, now led by Ulrich Koerner and separated from wealth management.

Credit Suisse's asset management business had 440 billion Swiss francs (about $477 billion) in AUM last year, and it suffered a before-tax loss of 42 million Swiss francs. Citing unnamed sources, Reuters says Credit Suisse's asset management business could be worth between $3.7 billion and $4 billion. That translates into between 0.78 percent and 0.84 percent of its AUM.

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