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Credit Suisse to acquire minority interest in York Capital Management

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Credit Suisse’s asset management division has agreed to acquire a minority interest in York Capital Management, a hedge fund manager based in New York.

York will continue to operate independently and will continue to be led by Jamie Dinan, founder and chief executive officer, Dan Schwartz, chief investment officer, and the firm’s senior management team.

Under the terms of the transaction, Credit Suisse will pay an initial USD425m for its interest in York. The transaction will also provide for earn-out payments based on five-year financial performance by York. The transaction will provide retention arrangements for the chief executive officer, chief investment officer and other senior York principals.

Credit Suisse expects to enter into non-exclusive arrangements to provide distribution services for York funds.

Rob Shafir (pictured), chief executive officer of Credit Suisse’s asset management division, says: "This relationship with York is an important next step in executing our growth strategy in asset management and extending Credit Suisse’s leadership in global alternative investments. Our clients will have access to a top-tier suite of products, independently managed by York, and benefit from using York’s proven approach that has delivered superior returns to investors across market cycles. We look forward to working with Jamie and his experienced team."

Dinan adds: "We are pleased to bring our clients the advantages of a relationship with one of the world’s pre-eminent financial institutions and, also, to further align York’s interests with its investors by increasing our commitment to the firm through both long-term retention arrangements and capital commitments. We see tremendous opportunities in the marketplace for event- driven and credit strategies and we think our ability to capitalise on these opportunities will be enhanced by Credit Suisse’s global reach and resources, particularly in parts of the world where we are increasing our investment activity."

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