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The Associated Press September 14, 2010, 2:54PM ET

Credit Suisse buys interest in York Capital

Credit Suisse Group AG said Tuesday that its asset management division has acquired a minority interest in hedge fund manager York Management for an initial payment of $425 million.

Under the terms of the transaction, Credit Suisse may make other payments based on a five-year financial performance by the hedge fund.

York will operate independently of Credit Suisse and continue to be led by founder and chief executive Jamie Dinan and Dan Schwartz, its chief investment officer.

Credit Suisse noted its investment in York is only for the interest in the company, not an investment in its funds.

The transaction is expected to close in the fourth quarter.

York manages roughly $14 billion on behalf of institutions, endowments, foundations, fund of funds, wealthy individuals and their families.

Shares of Credit Suisse added 34 cents to $46.93 in afternoon trading.

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