Swiss banking giant Credit Suisse said today that it had sold part of its Global Investors business to Aberdeen Asset Management in return for a 24.9% stake in the British fund manager.
The Aberdeen Asset Management stake was valued at £250m sterling, Credit Suisse said.
Switzerland's second largest bank, which like its peer UBS, has been badly hit by the global financial crisis, said the deal involves the transfer of most of GI's business in Europe, the US and Asia-Pacific, with the funds under management involved being worth 75 billion Swiss francs.
Credit Suisse said it will maintain its activities in its home market and continue to operate the GI business in Brazil and through joint ventures across the globe. It said the deal allows it to focus on its core operations and boost the value of the GI business.
Aberdeen Asset Management is a leading British fund manager, with assets valued at £111 billion at the end of September.
Earlier this month, Credit Suisse said it would cut more than 5,000 jobs in a bid to save 2 billion Swiss francs as it sustained further losses due to the financial crisis.
