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Wednesday, February 17, 1999 Asset Management Acquisitions Continue Credit Suisse Asset Management, the institutional asset management and mutual fund operations of Credit Suisse Group will acquire the asset management arm of Warburg, Pincus, & Co. for $650 million dollars. The new firm will manage over $230 billion and will presumably take advantage of the Warburg Pincus name and image to expand CS' US asset management presence via the strong distribution capabilities of Warburg Pincus & Co. CS will also purchase a 19.9% passive minority equity stake in the private equity arm of Warburg, Pincus & Co. "The acquisition of Warburg Pincus Asset Management provides an extraordinary opportunity to grow our U.S. asset management business while strengthening the range of products that we can offer globally. It addresses our goals of building up our assets under management, high net worth clientele and institutional business," Phillip Colebatch, ceo of Credit Suisse Asset Management, stated. What does this mean for CS's 401(k) business? The firm is already the parent of New York, New York-based BEA Associates.
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