Zurich (Reuters) – Credit Suisse is making a write-down on its stake in the York Capital Management hedge fund.
The amount of the impairment will be examined as part of the annual financial statements, but according to current estimates, it should amount to around 450 million dollars, as the major Swiss bank announced on Tuesday. This amount will be recorded in the fourth quarter results. The trigger for the write-down was a change in strategy by York. The company will focus on investments such as private equity and loans and handle the European hedge fund business. The Asian business is likely to be spun off into a new and separate hedge fund next year, in which Credit Suisse will be involved.
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