Credit Suisse flags $450m impairment on York Capital Mgmt stake

Credit Suisse, which has been an investor in York Capital since 2010, said on Tuesday it expected to take an impairment on York Capital in the fourth quarter, which would hit its key capital metric -- or common equity tier 1 (CET1) capital ratio -- by roughly 7 basis points.

ZURICH: Credit Suisse expects to take a roughly $450 million impairment on its stake in alternative investment firm York Capital Management, the Swiss bank said.

The Wall Street Journal on Monday reported York Capital, run by billionaire hedge-fund manager Jamie Dinan, had informed employees and investors about plans to wind down its European hedge funds business, while converting its U.S. hedge fund into one primarily managing internal money.