Credit Suisse said it has agreed to pay $425 million for a minority interest in the New York hedge fund manager York Capital Management.
The investment in the 19-year-old firm is a "noncontrolling interest in the management company, not an investment in its funds," Credit Suisse said.
Credit Suisse explained that the agreement would not affect York's management, which will continue to include founder and chief executive Jamie Dinan, chief investment officer Dan Schwartz and its senior management team.
Rob Shafir, the chief executive of Credit Suisse's money management arm, said that the relationship would prove "an important next step in executing our growth strategy in Asset Management and extending Credit Suisse's leadership in global alternative investments."
The agreement was announced Sept. 14.
