Credit Suisse: books 450 million dollar impairment charge
(CercleFinance.com) - Swiss private bank Credit Suisse said on Tuesday that it will record an impairment charge of around 450 million dollars on the value of its stake in US alternative investment firm York Capital Management.
The move comes after York informed its investors of a significant change in strategy, which will prompt the winding down of its European hedge fund business, the wealth manager said.
York said it plans to focus on longer term assets such as private equity, private debt, and collateralized loan obligations (CLOs).
Credit Suisse - which has had a non-controlling stake in York since 2010 - said the impairment will be booked in its fourth-quarter results.
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The move comes after York informed its investors of a significant change in strategy, which will prompt the winding down of its European hedge fund business, the wealth manager said.
York said it plans to focus on longer term assets such as private equity, private debt, and collateralized loan obligations (CLOs).
Credit Suisse - which has had a non-controlling stake in York since 2010 - said the impairment will be booked in its fourth-quarter results.
Copyright (c) 2020 CercleFinance.com. All rights reserved.