Aberdeen Asset Management is to acquire part of Credit Suisse’s Global Investors asset management business, in a move that will make the group the UK’s largest listed fund manager.

The sale, which includes the majority of Credit Suisse’s Global Investors business in Europe, the US and the Asia-Pacific region, comprises SFr 75 billion (approximately $69 billion) in assets under management.  Aberdeen Asset Management currently has around $160 billion in assets under management.

In return for its Global Investors operations, Credit Suisse will receive 24.97 per cent of the enlarged share capital of Aberdeen Asset Management.  The stake is valued at approximately SFr 381 million as of 30 December 2008.

Credit Suisse said that the transaction advances its strategy to focus on the bank’s core asset management businesses.  Although the management of a small number of Swiss-domiciled funds will transfer to Aberdeen, Credit Suisse will maintain its asset management franchise in Switzerland and will continue to operate its Global Investors business in Brazil, along with other joint ventures.

In a statement, Aberdeen said the deal with Credit Suisse would result in “substantial cost efficiencies”, “significant earnings enhancement” and give greater access to the distribution network of Credit Suisse and its private banking division.

Martin Gilbert, chief executive of Aberdeen, said: “This transaction fits perfectly within our strategy, a key part of which has been to make earnings enhancing acquisitions which give the business critical mass in our core competencies, complementing our organic growth.”

In addition to fourth-quarter losses, Credit Suisse said it would take a non-cash charge of around $570 million in the fourth quarter for goodwill related to the Global Investors operations, according to a Reuters report.

Credit Suisse is not alone in having sought a buyer for some of its asset management operations.  In a transaction that is expected to close in the first quarter of 2009, the asset management arm of French bank Société Générale is to be sold to New York-based alternative asset manager GLG Partners.  Meanwhile, Spanish bank Santander put its fund management arm up for sale in the summer but has yet to find a buyer.