Credit Suisse announced the closing of the transfer of its third party investment fund platform InvestLab to Allfunds. In a company statement late June, Credit Suisse stated that “that the agreement will create a global fund distribution platform with combined assets under administration (AuA) of more than CHF 570 billion [$579 bn] and distinct distribution competences.”
Also in the June statement, the bank noted that it will become a minority shareholder of up to 18% in the combined business and will be represented at the Board. Going forward, Credit Suisse will utilize the combined business platform to distribute mutual funds and ETFs. A spokeswoman told SFM that there are no updates to the June statement details at this time.
This closing marks the first step of the combination of Credit Suisse’ open architecture B2B investment fund platform with Allfunds Group and includes the transfer of the legal entity Credit Suisse InvestLab AG, related employees and service agreements. Subsequent transfer of the related distribution agreements by Credit Suisse is expected to be completed in Q1 2020.