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

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

11/24/2020 10:35:00 AM

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

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

Credit Suisse, which has been an investor in York Capital since 2010, said on Tuesday it expected to take an impairment on York Capital in the fourth quarter, which would hit its key capital metric -- or common equity tier 1 (CET1) capital ratio -- by roughly 7 basis points.

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“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.The impairment would not change its existing guidance for dividends and capital distributions in 2020 and 2021, Switzerland’s second-biggest bank said.

The Swiss bank, which placed an initial $425 million investment into York a decade ago, said it intended to maintain a continuing interest in York’s Asia-Pacific business, which it expects to be spun out as a new and separate hedge fund next year.York’s new strategy will focus on longer-term assets such as private equity, private debt and collateralised loan obligations, Credit Suisse said. headtopics.com

Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields Read more: Reuters Top News »

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