Credit Suisse Makes Swap for Stake in Aberdeen

Zurich, Switzerland -- Credit Suisse (CS Quote) said Wednesday it is selling parts of its asset management business to Aberdeen Asset Management in return for a 24.9% interest in the British investment firm.

The move will see Switzerland's No. 2 bank transfer some 75 billion Swiss francs ($70.93 billion) in managed assets to Aberdeen.

Credit Suisse said it will receive almost a quarter of Aberdeen's future stock in return, valued at 381 million francs ($360 million), and take a seat on Aberdeen's board.

"This agreement enables us to focus our resources on our alternative investments, asset allocation, and Swiss businesses, where we have strong performance and critical mass, and which better align with our integrated banking model," said Rob Shafir, head of Credit Suisse's asset management division. ...