Credit Suisse is disbanding an asset management boutique that was meant to buy sizable stakes in hedge funds. The bankers reportedly couldn't raise the funding to do so.
The Zurich-based bank will shut Anteil Capital Partners, led by John Powers and Anthony Maniscalco, after the boutique couldn't bring in the $2 billion that it aimed for to buy hedge fund stakes, «Bloomberg» reported.
Powers, formerly Stanford's endowment head, and ex-Blackstone banker Maniscalco will leave the Swiss bank along with their team the news agency reported. The move is an admission of defeat for Credit Suisse, which had attempted to get in on the business of buying stakes in hedge fund that rivals such as Goldman Sachs and Blackstone are doing.
One year ago, Anteil tried to raise as much as $2 billion to buy up stakes in a handful of alternative investment funds.
