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Credit Suisse could sell stake in Brazilian fund Verde

The Brazilian unit of Credit Suisse Group AG is in talks to sell a stake in Verde Asset Management, along with some of the partners in the hedge fund.

Lumina Capital, an alternative asset management company, is negotiating to buy the stakes, according to a joint statement from the three companies. Talks are ongoing and Credit Suisse will maintain a partnership with Verde, including distribution of its products, the companies said in the statement.

Verde, whose flagship hedge fund has risen more than 21,500% after fees since its inception in 1997, is led by industry veteran Luis Stuhlberger. The company is among the largest independent asset managers in Brazil, with some 30 billion reais ($5.4 billion), according to its website. Lumina was founded by Daniel Goldberg, a former head of Morgan Stanley’s Brazil unit.

Credit Suisse is a minority shareholder in Verde.

Local website Brazil Journal says Lumina is willing to acquire a 30% stake in Verde. According to the same outlet, Credit Suisse owns a 25% stake, without disclosing where it got the information from. The companies declined to comment on those figures and did not provide further details about the talks.

Source: Gestion


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