Credit Suisse flags $450 million impairment on York Capital Management stake

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Credit Suisse expects to take a roughly $450 million impairment on its stake in alternative investment firm York Capital Management, the Swiss bank said.

The Wall Street Journal on Monday reported York Capital, run by billionaire hedge-fund manager Jamie Dinan, had informed employees and investors about plans to wind down its European hedge funds business, while converting its U.S. hedge fund into one primarily managing internal money.

“The amount of the impairment taken will be assessed as part of our year-end process, but is currently expected to be approximately $450 million,” the bank said.

 

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