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BlackRock to acquire £11bn Credit Suisse ETF business

BlackRock has agreed to acquire the exchange traded fund business of Credit Suisse.

The deal, which is set to complete in the second quarter of 2013, will see BlackRock’s assets under management rise to almost £100bn across 264 funds in the iShares EMEA range.

BlackRock has not disclosed the amount it has paid for the Credit Suisse business, which has around £11bn of assets across 58 funds. The Credit Suisse offering includes a £5.4bn range of nine funds domiciled in Switzerland, along with funds domiciled in Luxembourg and Dublin.

The agreement expands on BlackRock’s presence in the Swiss market and represents the firm’s second acquisition in the country in the last 12 months following the purchase of Swiss Re Private Equity Partners in 2012.

BlackRock chairman and chief executive Laurence D. Fink says: “The acquisition we are announcing today represents BlackRock’s continued commitment to the Swiss market and underpins the importance we place on meeting the needs of our clients. This transaction keeps with BlackRock’s growth strategy in the region and provides the necessary scale and presence in the market to further enhance our product suite and deliver client solutions in Switzerland and all of Europe.”

Credit Suisse head of distribution for core investments Martin Keller says: “In BlackRock we have found a buyer who is a leader in the ETF industry with a successful track record and well established products.

“Credit Suisse will remain a large investor of ETFs through our Private Banking and Wealth Management division and will partner closely with BlackRock to broaden the ETF product offering for our clients. We believe that BlackRock is well positioned to realise the long-term value of our ETF business.”

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