Credit Suisse’s Asset Management Division Enters Into Strategic Alliance with Reservoir Capital Group
Published July 20th, 2009
Credit Suisse’s Asset Management Division today announced a strategic alliance with Reservoir Capital Group (“Reservoir”), a privately held investment firm with in excess of $4 billion in assets under management, to seek attractive risk-adjusted returns primarily by identifying and capitalizing on opportunities to provide liquidity to hedge funds, hedge fund investors and other sellers, including financial institutions. This alliance will enable Credit Suisse to offer clients a broader product offering, reflecting today’s changing and increasingly complex markets.
Rob Shafir, Chief Executive Officer of the Asset Management business, commented, “We are very pleased to be entering into a strategic alliance with Reservoir and its highly experienced investment team, and we believe this alliance will create long-term value for our clients. This venture is consistent with our strategy of allying with leading investment firms that have unique offerings and skill sets to capitalize on attractive opportunities presented in today’s global markets.”
Daniel H. Stern and Craig A. Huff, Co-Chief Executive Officers of Reservoir, added, “We believe there is a significant opportunity to provide liquidity solutions to hedge funds and certain financial institutions holding non-core, illiquid assets. This strategic alliance will enable us to leverage Credit Suisse’s global platform and its position as a leading investor in hedge funds to provide increased scale, resources, and sourcing capabilities to this effort.”
Reservoir has an opportunistic ‘hybrid’ investment approach, investing directly in private transactions and public securities, as well as in partnership with management and investment teams through the creation of platform companies, private investment firms, and hedge funds. Reservoir was founded in 1998 by Mr. Stern and Mr. Huff, along with Gregg M. Zeitlin, who have worked together as a team for more than 15 years, including their prior tenure managing Ziff Brothers Investments.
Credit Suisse
As one of the world’s leading banks, Credit Suisse provides its clients with private banking, investment banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse is active in over 50 countries and employs approximately 47,800 people. Credit Suisse is comprised of a number of legal entities around the world and is headquartered in Zurich. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
Asset Management
In its Asset Management business, Credit Suisse offers products across a broad spectrum of investment classes, including alternative investments such as private equity, hedge funds, real estate and credit, as well as multi-asset class solutions, which include equities and fixed income products. Credit Suisse’s Asset Management business manages portfolios, mutual funds, and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 23 countries, Credit Suisse’s Asset Management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the world.
