Grosvenor Capital Management LP agreed with Credit Suisse to purchase the latter's Customized Fund Investment Group (CFIG). This is part of the divestment plans earlier announced by Credit Suisse. Upon completion of the deal, CFIG will become the GCM Customized Fund Investment Group. Formed in 1971, Grosvenor is considered a leader in alternative investments.

While details of the deal were not given, Grosvenor Chief Executive Michael Sacks said its recent agreement will benefit the clients of each company. "It creates a strong and diversified multi-asset alternatives platform that can support institutional investors across a range of alternative investments. The CFIG team is made up of highly talented and experienced investors who share our core values including an intense focus on investment performance, their clients and on customized solutions.  We are looking forward to joining forces with them," he said.

When the sale is completed, the GCM Customized Fund Investment Group will be managing more than USD 40 billion in assets. It will have global workforce of 400.