Corporate Press Release
Credit Suisse enters into Global Strategic Agreement with HDFC Asset Management of India
Credit Suisse’s Asset Management division and HDFC Asset Management to offer global access to Indian investment productsCredit 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)