Swiss banking giant Credit Suisse Group is teaming up with the managing director of its Brazil-based money management unit to launch a new venture.
Reuters reported that the new firm, to be named Verde Asset Management, will be controlled by Credit Suisse Hedging-Griffo (CSHG) Asset Management managing director Luis Stuhlberger and will launch with about $13.6 billion in assets in January 2015.
The new firm will allow Credit Suisse to retain Stuhlberger, a coveted money manager in Brazil Stuhlberger's who earned Credit Suisse over $1.8 billion in profits through CSHG. Credit Suisse and Stuhlberger will return about 40% of Verde's capital to investors in four bi-annual installments.
Credit Suisse bought 51% of Stuhlberger’s Hedging-Griffo in 2006 and bought the remaining stake at the end of 2011.