BlackRock has bought Credit Suisse’s $17.6bn (£10.98bn) range of exchange traded funds as part of its strategy of Swiss expansion.
The acquisition of the 58-fund range, which includes nine Swiss domiciled funds, is expected to be completed by the end of June, and follows the purchase of Swiss Re Private Equity Partners last year.
BlackRock’s expanded iShares EMEA ETF range will consist of 264 ETFs with $157.6bn in assets under management.
Joe Linhares, head of iShares EMEA said: “Today’s agreement brings together the innovative culture of two premier ETF providers with a shared commitment to growing the ETF category.
“The transaction will significantly extend BlackRock’s footprint in Switzerland, which is home to one of the deepest investor bases in Europe.”
Chairman and CEO of BlackRock, Laurence Fink, said: “The acquisition we are announcing today represents BlackRock’s continued commitment to the Swiss market and underpins the importance we place on meeting the needs of our clients.