Rumors have been going on for a few days, and now it's time for a deal. Credit Suisse sells its fund service platform to Europe's leaders.
By mid-June, Credit Suisse (CS) had already recognized that it was "in advanced discussions on strategic options for further development of Investlab". On Tuesday, the major bank announced where these discussions took place:
CS transfers all its shares in the fund platform, including service contracts, to the Italian Spanish service specialist Allfunds. As part of this concentration, the bank will become a minority shareholder in the combined business with a shareholding of up to 18 percent. She is also a member of Allfund's Board. The price of the sale is still secret.
Light pressure for return on investment
As stated further, CS is intended to use the platform for distribution of investment funds and exchange-traded index funds (ETFs) in the future. According to the announcement, the transfer of Investlab is expected to be completed during the third quarter and is expected to increase the financial group's return on the financial group by approximately 0.5 per cent.
With the addition of Investlab, Allfunds is cementing its market leader as a supplier of European funds ̵