State-owned asset manager BSAM to take over majority stake in Credit Suisse’s China JV

UBS’s choice of BSAM, despite Citadel’s higher offer, suggests strategic motives behind the transaction. Sources indicate that UBS intends to acquire full ownership of UBS Securities – the firm’s other China JV in which BSAM holds a 33% stake – by offering the Credit Suisse unit in exchange…

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