BlackRock (BLK) to Acquire Massive $17.6B ETF Portfolio from Credit Suisse (CS)

January 10, 2013 6:45 AM EST
BlackRock (NYSE: BLK) is making a large acquisition in the exchange-traded fund segment as it looks to expand its presence in Switzerland.

According to Bloomberg, BlackRock will acquire a $17.6 billion ETF portfolio from Credit Suisse (NYSE: CS), Bloomberg noted this morning, citing an email from the company. Terms of the deal weren't disclosed.

Credit Suisse is selling the asset as part of a $16.5 billion capital raise effort, prompted by the Swiss government last July.

BlackRock planned to diversify its iShares segment after losing market share to Vanguard last year. It currently holds about $760 billion in exchange-traded products.

Shares of BlackRock are flat in early trading Thursday, while Credit Suisse is up about two percent early.

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