Asset Management Finance
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Asset Management Finance (AMF) Corporation
This story is about how Credit Suisse purchasing Asset Management Finance Corp. which provides funding to early stage hedge funds in exchange for revenue sharing on future fund earnings. It will be interesting to see if Credit Suisse significantly alters AMF's due diligence process while looking at funds, or presses them to fund Credit Suisse associated groups...
Credit Suisse Group AG, Switzerland's second-biggest bank, bought New York-based Asset Management Finance Corp. for $384 million to provide financing to investment firms.
Credit Suisse paid stock for more than 80 percent of the firm, founded by former Putnam Investments chief Norton Reamer in 2003, from a unit of National Bank of Canada. Reamer, 72, who also ran Boston-based United Asset Management Corp., will stay on, the bank said today in a statement.
AMF, which provides capital to money managers including hedge funds in exchange for a slice of revenue, will benefit from Credit Suisse's global reach, said Brian Finn, chairman of the Zurich-based company's alternative-asset business. The unit, which manages $167 billion, holds a minority stake in hedge-fund firm Ospraie Mangement LLC and has started joint investing ventures with Abu Dhabi and General Electric Co.
AMF ``is a platform with a leadership team and an investment approach in which we see enormous growth opportunities,'' Finn said in an interview. Read more...
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Tags: Credit Suisse Group, Asset Management Finance Corp., Norton Reamer, National Bank of Canada, Brian Finn, Ospraie Management LLC, Abu Dhabi, General Electric Co., Stephen S. Smith, Smith Group Asset Management