“BlackRock Inc. (BLK), the world’s largest asset manager, agreed to buy an exchange-traded funds unit from Credit Suisse Group AG (CSGN) to boost its presence in Switzerland.
The purchase of a business with $17.6 billion of client assets under management is expected to close by the end of the second quarter, the New York-based firm said today. BlackRock didn’t disclose the price of the Credit Suisse unit, which has 58 ETFs, including $8.7 billion in nine funds domiciled in Switzerland and others in Ireland and Luxembourg.
The acquisition of Europe’s fifth-biggest exchange-traded products business will consolidate the top ranking of BlackRock’s iShares unit, which has a 38 percent market share in the region, according to figures published last month by the New York-based firm. Chief Executive Officer Laurence D. Fink said last year BlackRock would address the strategy of its iShares unit, which has about $760 billion in ETPs, after losing market share in the U.S. to Vanguard Group Inc…”
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