The losers of the takeover of Credit Suisse by UBS

Three days after the announcement of the forced takeover of Credit Suisse by UBS, bond investors are assessing their losses, which are sometimes very heavy. In France, the asset management company Lazard Frères Gestion admitted having lost 142 million euros. However, this amount represents only 0.4% of the total assets managed by the subsidiary of the Franco-American investment bank Lazard. The American Pimco, the first bond manager in the world, and the British BlueBay Asset Management (subsidiary of the Royal Bank of Canada) are among the most affected, according to Bloomberg. Pimco (subsidiary of Allianz managing 1740 billion dollars in assets) announced that it suffered a loss of 340 million dollars.

The surprise cancellation of 16 billion Swiss francs of subordinated debt from Credit Suisse is very expensive for other internationals, whether they are insurers, fund managers, or even individuals. Many Asian investors, fond of these subordinated bonds, are also…