Credit Suisse Asset Management, London, and Warburg Pincus Asset Management, New York, announced Friday that they will form a joint subsidiary to market investment products globally.
The equal partnership, which has yet to be named and is set to be launched this fall, will let Warburg leverage Credit Suisse's international capabilities and Credit Suisse capitalize on Warburg's U.S. presence, a Warburg spokeswoman said.
Credit Suisse Asset Management manages $600 billion globally for retail and institutional clients. Warburg manages $23 billion, roughly half of it in mutual funds, in the United States.
The deal does call for some future Credit Suisse products to be marketed under the Warburg name, and for some Warburg funds to be offered abroad as Credit Suisse products, the spokeswoman said.
Credit Suisse's $7.5 million retail mutual fund family, sold through BEA Associates, will be rolled into Warburg's funds. BEA's institutional assets will remain separate, the spokeswoman said.
Warburg president Gene Podsiadlo and Robert Kosrovani, head of global retail distribution at Credit Suisse Asset Management, will be co-chief executives of the new unit.