Spain's Allfunds Group is buying Credit Suisse's business-to-business ...
ZURICH - Spain’s Allfunds Group is buying Credit Suisse’s business-to-business investment fund platform InvestLab for an undisclosed sum as the investment services industry consolidates to reap the benefits of scale.
The Swiss bank said the transaction would result in a 0.5% increase in return on tangible equity this year, which Zuercher Kantonalbank analysts said suggested the sale price “had to be relatively high”. Allfunds calls itself the world’s largest institutional fund distribution network and said the combination with Credit Suisse InvestLab would offer 78,000 investment products to financial institutions across more than 45 countries, with assets under management topping 500 billion euros .
“Going forward, Credit Suisse will utilize the combined business platform to distribute mutual funds and ETFs ,” the Swiss bank said in a statement.
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