Bloomberg News

Credit Suisse Hedging-Griffo’s Almendra Said to Leave Company

October 28, 2011

Oct. 28 (Bloomberg) -- Ricardo Almendra, a partner at Brazil’s Credit Suisse Hedging-Griffo, left the asset-management and private-banking company, according to two people familiar with the matter who asked not to be named because they’re not authorized to speak publicly.

Credit Suisse Hedging-Griffo, based in Sao Paulo, has 51.2 billion reais ($30.3 billion) in assets under management. The company was created in 2006, when Credit Suisse Group AG bought 50 percent plus one of Hedging-Griffo shares for about $294 million in cash.

Credit Suisse estimates it would pay $810 million to exercise its option to buy the rest of the company by Dec. 31, according to the Zurich-based bank’s second-quarter earnings report.

Almendra didn’t return telephone calls from Bloomberg News and Credit Suisse Hedging-Griffo declined to comment through external press relations firm Maquina da Noticia.

--Editors: Adriana Arai, Helder Marinho

To contact the reporter on this story: Cristiane Lucchesi in Sao Paulo at clucchesi5@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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