Blackstone agrees to buy Strategic Partners from Credit Suisse

The Volcker rule is forcing Credit Suisse to sell Strategic Partners, which currently has $9bn (£5.88bn) in assets under management.

The driving force behind the deal comes from Blackstone president and chief operating officer Tony James, according to Reuters. James worked as chairman of global investment and private equity at Credit Suisse before joining Blackstone in 2002.

The Blackstone team consists of several other ex-Credit Suisse employees, namely the firm's head of credit investment business Bennett Goodman, who joined Credit Suisse in 2000 and Blackstone in 2008. Joan Solotar, head of external relations and strategy at Blackstone, also worked at Credit Suisse prior to joining the firm.

Strategic Partners was started in 2000 and has raised more than $11bn of capital commitments and acquired 1,400 underlying limited partnership commitments in this time. The business has a team of 26, which is headed by Stephen Can and Verdun Perry.

The transaction is expected to close towards the end of the third quarter of 2013.

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