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EXCLUSIVE Credit Suisse U.S. asset manager draws interest from Janus, Blue Owl, others -sources & More Latest News

 

Oct 21 (Reuters) – Money managers comparable to Janus Henderson Group (JHG.N) and funding corporations together with Blue Owl Capital Inc (OWL.N) are weighing potential presents for Credit Suisse Group AG’s (CSGN.S) U.S. asset administration unit, individuals accustomed to the matter stated on Friday.

The Swiss financial institution is in search of patrons for the enterprise as a part of a multi-pronged effort to revise its technique and lift capital following a string of scandals and monetary setbacks. learn extra

Janus and rival asset manager AllianceBernstein Holding (AB.N), and Blue Owl in addition to non-public fairness corporations Centerbridge Partners and Clearlake Capital are contemplating bids, the sources stated.

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Other asset managers contemplating taking part in Credit Suisse’s public sale course of embrace Ameriprise Financial Inc (AMP.N) and Invesco Ltd (IVZ.N), one of many sources added.

The unit might fetch round $2 billion in a sale, in accordance with the sources, who cautioned that no deal is definite. They requested anonymity as a result of the matter is confidential.

Credit Suisse, Blue Owl, Clearlake, Invesco and Janus Henderson declined to remark. AllianceBernstein, Ameriprise, and Centerbridge didn’t instantly reply to a remark request.

Asset administration corporations have typically turned to dealmaking to spice up their scale, serving to to deal with pressures from competitors and payment despair from the shift in direction of extra passive investing strategies.

Janus Henderson emerged in 2017 from the mix of Janus Capital Group and Henderson Group, and Blue Owl was shaped final yr from the three-way merging of Owl Rock Capital Group, Dyal Capital Partners and a clean examine agency.

Meanwhile, each Ameriprise and Invesco have been lively patrons of asset managers in recent times.

Minneapolis-based Ameriprise acquired a lot of Bank of Montreal’s (BMO.TO) enterprise final yr for 615 million kilos ($695.1 million), whereas Invesco has accomplished offers together with for OppenheimerFunds from Massachusetts Mutual Life Insurance Company in 2019.

Credit Suisse has been seeking to shed plenty of underperforming companies forward of its closely-watched strategic overview replace subsequent week.

Earlier on Friday, the financial institution agreed to promote its 8.6% stake in fund distribution agency Allfunds Group (ALLFG.AS) for 334 million euros ($329.2 million) and its stake in Energy Infrastructure Partners to EIP’s managing companions for an undisclosed quantity.

($1 = 1.0145 euros)

($1 = 0.8847 kilos)

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Reporting by Pamela Barbaglia in London and David French and Anirban Sen in New York; Editing by David Gregorio

Our Standards: The Thomson Reuters Trust Principles.

EXCLUSIVE Credit Suisse U.S. asset manager draws interest from Janus, Blue Owl, others -sources

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