Credit Suisse sells Brazilian real estate fund business
Published: Wednesday, Dec 6th 2023, 23:10
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Credit Suisse is selling its Brazilian real estate fund management business to Patria Investments. The bank, which is now part of UBS, will receive up to 650 million Brazilian reals in return. That is the equivalent of around 115 million Swiss francs.
The listed real estate funds of Credit Suisse Hedging-Griffo Real Estate have assets under management of around USD 2.4 billion, as announced by CS in a press release on Wednesday evening. The management of the funds will transfer to Patria upon completion of the transaction.
As part of the integration of Credit Suisse's activities into UBS, the strategic suitability, distribution channels and scaling potential of the individual business areas were examined, explained UBS Brazil head Sylvia Coutinho. As a result, the decision was made to sell the business. However, UBS will continue to offer Patria's funds to its wealth management clients in Brazil.
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