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Credit Suisse Overhauls Rules for Funds Accused of Conflicts

  • Bank probed funds linked to SoftBank and billionaire Greensill
  • SoftBank is said to have pulled $700 million from the funds
     
Photographer: Kiyoshi Ota/Bloomberg
Updated on

Credit Suisse Group AG is overhauling a group of supply chain finance funds that have been dogged by conflict of interest accusations over a complicated network of links to a key investor, Masayoshi Son’s SoftBank Group Corp.

About 15% of the debt held by the funds is tied to companies in which Son’s SoftBank Vision Fund also owns equity stakes, Credit Suisse told clients in a letter Monday after concluding an internal review. It now plans to change its investment guidelines to reduce the maximum exposure to a single borrower.