BlackRock has entered a definitive agreement to acquire the exchange-traded funds (ETF) business of Credit Suisse, in a deal set to complete by the end of the second quarter.
The transaction is subject to regulatory approvals and terms have not been disclosed. It will further strengthen BlackRock's position in Switzerland and comes after the firm purchased Swiss Re Private Equity Partners in 2012. Credit Suisse manages $17.6bn across the 58 funds in its ETF range, including $8.7bn in nine funds domiciled in Switzerland as well as funds domiciled in Ireland and Luxembourg. BlackRock said the business is complementary to its ETF platform, iShares, and will expand its local product range in Switzerland. The expanded iShares EMEA ETF range will comprise ...
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