BlackRock completes purchase of Credit Suisse’s ETF business

BlackRock has completed its acquisition of Credit Suisse’s exchange-traded fund (ETF) business after the move was given the green light by the Office of Fair Trading.

The Credit Suisse business, which comprises 59 ETFs managing $17.8bn in assets across equities, fixed income and gold, has been absorbed into iShares, with all of the funds now trading under the iShares name.

The move expands BlackRock’s ETF presence primarily in Switzerland but also in Ireland and Luxembourg and reinforces its position as the dominant ETF provider in Europe.

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The Office of Fair Trading had held up the deal to look into how the combined business would affect competition and pricing in the ETF marketplace, but it cleared the deal in June.

Research from ETFGI had said the combined iShares/Credit Suisse business would control nearly three-quarters of the assets in physically-backed ETFs in Europe, leading to concerns about the lack of competition in the marketplace.