Deals
Credit Suisse Backer Harris Associates Has Stake Cut By Half
- David Herro said investment firm had to raise liquidity
- Firm has been a long-time, vocal defender of Credit Suisse
Photographer: Jose Cendon/Bloomberg
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Credit Suisse Group AG’s longtime top shareholder Harris Associates saw its stake reduced by about half as it sold some shares and the troubled Swiss lender tapped new investors to raise capital.
The US fund manager, which last year still had a stake of about 10%, saw its holding fall to about 5% as of the end of last year, according to a filing. David Herro, Harris’s chief investment officer for international equities, said that while the investment firm did participate in Credit Suisse’s 4 billion-franc capital increase late last year, its overall stake fell as existing shareholders were diluted and it sold stock.