NEW YORK, Feb. 14, 2011 /PRNewswire/ -- Credit Suisse's Asset Management division today announced that it has reached a strategic agreement with HDFC Asset Management Company Ltd. ("HDFC AMC") of India.
Through the strategic agreement, Credit Suisse will become the exclusive distributor of HDFC AMC's investment products outside India, and HDFC AMC will be Credit Suisse's exclusive partner in the long-only asset management space in India. The two Firms will also collaborate on new product offerings for international investors who are interested in investing in India.
This agreement will leverage both Credit Suisse Asset Management's strengths in global distribution and product structuring, and HDFC AMC's top-tier investment management expertise and long-term track record of investing in the Indian markets.
HDFC AMC currently manages US$ 19.6 billion in its mutual fund assets*, making it second largest amongst India's asset managers.
Neil Harvey, Managing Director and Head of Asia Pacific and Emerging Markets for Credit Suisse's Asset Management division, said, "We are dedicated to the strategic growth of our Emerging Markets franchise and continue to expand our product offerings to meet the evolving needs of clients. This alliance gives our clients access to India, one of the fastest growing and most attractive markets in the world. HDFC AMC is one of India's largest and most respected asset management companies. We look forward to working with them, and are excited about providing our clients around the world access to their top-tier Indian investment management expertise."
Milind Barve, Managing Director and CEO of HDFC Asset Management said, "There is clear evidence of continued interest in India from offshore investors, resulting from high and sustainable growth rates in the country. Credit Suisse has a strong global presence, a deep distribution network and global product structuring expertise, which will enable us to meet the ever-expanding investment needs of offshore investors."
* (Average Assets Under Management for 4Q 10)
Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,100 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
In its Asset Management business, Credit Suisse offers products across a broad spectrum of investment classes, including hedge funds, credit, index, real estate, commodities and private equity products, as well as multi-asset class solutions, which include equities and fixed income products. Credit Suisse's Asset Management business manages portfolios, mutual funds and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 19 countries, Credit Suisse's Asset Management business is operated as a globally integrated network to deliver the bank's best investment ideas and capabilities to clients around the world.
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HDFC Asset Management Company Limited (AMC)
HDFC Asset Management Company Ltd (AMC), a joint venture between Housing Development Finance Corporation Limited and Standard Life Investments Limited was incorporated under the Companies Act, 1956, on December 10, 1999, and was approved to act as an Asset Management Company for the HDFC Mutual Fund by SEBI vide its letter dated July 3, 2000. In terms of the Investment Management Agreement, the Trustee has appointed HDFC Asset Management Company Limited to manage the Mutual Fund.
The AMC is currently managing 28 open-ended schemes and 7 closed ended schemes of HDFC Mutual Fund. The AMC is also providing portfolio management / advisory services under its registration from SEBI to act as a Portfolio Manager under the SEBI (Portfolio Managers) Regulations, 1993. Investment products managed by HDFC AMC and other investment advisory services provided by HDFC AMC are currently not available in the United States.
SOURCE Credit Suisse AG