The race to further close the Swiss bank's capital gap continues with the offloading of a stake in Swiss asset manager Energy Infrastructure Partners.
The co-founders and managing partners of Energy Infrastructure Partners (EIP) have acquired Credit Suisse's 30 percent stake in the firm, according to a statement released Friday in Zurich that did not disclose additional financial details.
Credit Suisse will remain an «important partner» for EIP through vehicles serving domestic pension funds and for raising and managing capital in the Swiss market. The transaction will not affect ongoing investment and asset management activity and any existing vehicles, the statement indicated.
Joint Venture with Switzerland's Second-largest Bank
EIP was established in 2014 as a joint venture with Switzerland's second-largest bank. In 2020, it obtained licenses allowing it to operate independently as an asset and fund manager in Switzerland and Luxembourg. EIP specializes in long-term equity investments for large-scale renewable and energy infrastructure assets and it has over $5 billion dollars under management.
The transaction may be part of an ongoing effort by Credit Suisse to further close the capital gap shortly before it unveils a strategic overhaul on Thurday. Last week, the bank sold an 8.6 percent stake in the Allfunds fund platform that raised 334 million euros ($328 million).
