on Tuesday said it would buy a majority stake in New York-based
Asset Management Finance
for $384 million in stock.
Asset Management Finance invests its capital in return for a passive, non-voting stake to allow recipients to conduct internal equity transfers, management buyouts and other strategic objectives. The firm has $50 billion under management.
Brian Finn, chairman of Credit Suisse's Alternative Investments business, said the deal fits with Credit Suisse's strategy of adding "leading investment businesses" to its fold. Credit Suisse bought its 80% stake in AMF from
National Bank Financial of Canada
"AMF has a significant pipeline due to the demand for capital from a significant number of high-quality asset managers," Finn said. "In addition, AMF has significant opportunities for growth outside the US. We look forward to leveraging our single-center of excellence model to expand and grow AMF's business."
This article was written by a staff member of TheStreet.com.