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Credit Suisse looks to recoup supply chain finance fund recovery costs By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – A Credit Suisse sign can be seen outside their Americas Headquarters in Manhattan, New York City on September 1, 2015. REUTERS/Mike Segar

ZURICH (Reuters), – Credit Suisse (SIX) is seeking to cover external expenses it is incurring in order to collect money from investors in insolvent Greensill supply chain finance funds, according to the Swiss bank.

External expenses are now being accrued as part of the recovery work (Credit Suisse Asset Management), CSAM does for fund investors. “The majority of these external expenses have not been passed on yet to investors,” said the bank in a note. “CSAM is covering as much of the expense as possible, and we will attempt to recoup any amount that has been incurred as appropriate.”

According to the bank, it anticipates that $145 million in costs will be incurred this year as a result of Credit Suisse’s collapse in March of its $10 billion supply chain finance funds. The bank has worked with external specialists and advisers to recover the $7.0 billion in funds that were recovered at September’s end.

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