Canadian financial firm National Bank Financial has sold its 80% stake in Asset Management Finance (AMF) to Credit Suisse.
The deal, which sees the Swiss bank hand over around $384 in new shares, has also been cleared by regulators.
AMF operates through providing funds to asset managers in exchange for a stake in future earnings for a pre-set term.
In total, the company has completed a total of 12 deals with managers, who collectively have assets worth around $50 billion.
“This transaction is consistent with our strategy of adding leading investment businesses to our platform,” says Brian Finn at Credit Suisse. “AMF has a significant pipeline due to the demand for capital from a significant number of high-quality asset managers. In addition, AMF has significant opportunities for growth outside the US. We look forward to leveraging our single-center of excellence model to expand and grow AMF’s business.”