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...Apollo has sold a stake in the lending business it acquired from Credit Suisse last year shortly before the Swiss bank’s shotgun rescue by UBS, securing a multibillion-dollar investment from one of the US...
...UBS also sees some value in keeping parts of the now defunct Credit Suisse’s investment banking unit. “We assume [Klein] is cherry picking....
...This year it has been a key player in several high-profile matters including the sale of Credit Suisse to UBS and the restructuring of Silicon Valley Bank....
...Apollo originally entered into an agreement with Credit Suisse — which was rescued by UBS last year — to purchase its securitised products division in 2022, including a related investment management contract...
...Last year, Apollo acquired the structured products unit of Credit Suisse shortly before the bank’s merger with UBS, taking ownership of one of the largest originators of high-rated asset backed securities...
...in investment banking raised questions about its seriousness....
...UBS put the unit, which includes investment banking and brokerage services, up for sale after taking control of Credit Suisse when it collapsed last year....
...The third target is UBS itself....
...The US companies now go head-to-head with big European players such as Amundi, DWS, an asset manager majority owned by Deutsche Bank, and UBS in their own backyard....
...News round-up SoftBank accused of ‘destroying’ social media app to protect reputation (FT) UBS fails to overturn guilty verdict in French tax evasion case (FT) Mazars to merge with Forvis in US (FT)...
...News round-up UBS sounds out investors over first AT1 sale since Credit Suisse rescue (FT) Marcelo Claure’s Latin America fund makes first investment (FT) Cayman Islands to open Singapore office to lure...
...About 20 senior Credit Suisse dealmakers in Europe are switching to UBS following its government-orchestrated takeover of its Swiss rival, per Financial News....
...The Japanese conglomerate also backs Raine’s investment funds, according to Arm’s IPO prospectus.It has been a lucrative alliance....
...Banks led by Goldman Sachs and JPMorgan Chase and including Citigroup, Wells Fargo, UBS and Deutsche Bank are arranging $8.4bn in loans to finance the deal, sources told the FT....
...Twenty-eight investment banks are working on chip designer Arm’s $50bn initial public offering. But one small advisory firm stands above the crowd....
...Investment bank By far the most precarious of the Credit Suisse divisions is its investment bank, which was already being scaled back before the UBS deal....
...This year it has worked on transactions such as the sale of Credit Suisse to UBS and routinely earns tens of millions of dollars in fees per deal....
...stock market ‘not a very attractive place’ (FT + Lex) Venture capital trusts reap more than £1bn from UK investors (FT) Washington and London crack down on financial fixers for Russian oligarchs (FT) UBS...
...The group, launched in 2009 by former Goldman Sachs banker Joe Ravitch and Morgan Stanley and former UBS banker Jeff Sine, is set to make $65.5mn from the deal, with the vast majority of the fees due once...
...As a deal adviser, Handler specialised in working with technology hardware companies at Bear Stearns and later UBS....
...When UBS entered into negotiations for an emergency rescue of Credit Suisse, Centerview also played a key role advising Credit Suisse....
...Its shares trade at 0.2 times tangible book value, an 80 per cent discount to sometime comparator UBS. The latter enjoys a high valuation partly because it scaled back its investment bank years ago....
...UBS shareholders got something out of it at least....
...Analysts at UBS said shifting the listing to the US could lead to a “multiple re-rating given US peers trade on roughly 25x [price to earnings] vs CRH on 13x”....
...Credit Suisse was forced into the arms of UBS after a run on deposits so severe its regulators believed the bank was days away from not being able to honour requests from customers....
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