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Monday, October 22, 2012

Credit Suisse Bidders Get FT Ink

News summary by MFWire's editors

The battle to buy Credit Suisse's ETF business has caught the attention of the Financial Times.

The newspaper takes a gander at BlackRock’s iShares [profile] and State Street Global Advisors [profile, which are the world’s two largest providers of exchange traded funds, as they race to buy Credit Suisse’s European ETF business, with assets of $17 billion.

The paper also notes that a deadline for bids was two weeks ago and a third unnamed buyer is thought to have tabled an offer.

FT reporter Chris Flood writes that the move comes as Credit Suisse and other global banks are under pressure to boost their capital levels and retreat from non-core operations. Credit Suisse is the fifth-largest ETF manager in Europe with a market share of 4.9 per cent, according to consultancy ETFGI. However, it has struggled for momentum this year with no inflows in the first nine months of 2012 – a marked contrast to last year when it attracted $2.1 billion over the same period.

To read more, go to the Financial Times article. 

Edited by: Tommy Fernandez

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