Credit Suisse Group said Tuesday it has acquired a majority stake in U.S.-based company Asset Management Finance Corporation for $384 million of newly issued Credit Suisse stock.
The Swiss bank said the deal for over 80 percent of AMF has cleared all regulatory approvals and will close Tuesday. It acquires the stake from National Bank Financial of Canada.
AMF, based in New York, provides capital to asset managers in exchange for a non-voting, limited-term interest in a manager's future revenues, Credit Suisse said in a statement. This allows firms to bring in capital while maintaining ownership, independence and operational autonomy, the statement said.
Since it was founded in 2003, AMF has completed 12 transactions with managers controlling assets worth $50 billion, it said.
