BlackRock has entered a definitive agreement to acquire the exchange-traded funds (ETF) business of Credit Suisse, in a deal set to complete by the end of the second quarter.
The transaction is subject to regulatory approvals and terms have not been disclosed.
It will further strengthen BlackRock's position in Switzerland and comes after the firm purchased Swiss Re Private Equity Partners in 2012.
Credit Suisse manages $17.6bn across the 58 funds in its ETF range, including $8.7bn in nine funds domiciled in Switzerland as well as funds domiciled in Ireland and Luxembourg.
BlackRock said the business is complementary to its ETF platform, iShares, and will expand its local product range in Switzerland.
The expanded iShares EMEA ETF range will comprise 264 ETFs with $157.6bn in assets under management.
Laurence D. Fink, chairman and CEO of BlackRock, 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.
"This transaction keeps with BlackRock's growth strategy in the region and provides the necessary scale and presence in the market to further enhance our product suite and deliver client solutions in Switzerland and all of Europe."
Joe Linhares, Head of iShares EMEA added: "Our long-term strategy is based on tapping growth markets in a disciplined way and deepening our presence with investors, and this acquisition will create an exceptional ETF platform with which to serve local investors and deliver value to shareholders."
Slendebroek CEO since 2014
For clients and social change
Our weekly heads-up for advisers
According to Cicero report
Adds 24 staff, three offices and £275m AUA