Alternative asset manager Apollo Global Management has acquired $8bn of Credit Suisse (CS) loans from UBS as the Swiss bank continues to sell off non-core assets from its takeover of CS last year, according to a report by Alternative Credit Investor.
UBS entered into an agreement with former rival CS to acquire its securitised products unit in 2022, with Apollo contracted to manage that division. This latest deal is the final step in the carve-out of the business which Apollo has rebranded as Atlas.
The report cites UBS as revealing that it stands to make a $300m net gain from the transaction, while Apollo will continue to grow Atlas as a standalone origination platform.
