Credit Suisse Group announced it was acquiring a majority interest in Asset Management Finance Corp. of New York from National Bank Financial of Canada.

The deal, which was announced Tuesday and was expected to close the same day, would give Credit Suisse a stake of more than 80% in Asset Management Finance for $384 million of newly issued Credit Suisse stock.

Founded in 2003, Asset Management Finance provides capital to asset managers in exchange for a passive, nonvoting, limited-term interest in a manager's future revenue. The business is to be integrated into the Zurich firm's alternative investments business, which is based in New York.

Since its formation, Asset Management Finance has completed 12 transactions with both traditional and alternative managers with aggregate assets under management of about $50 billion.

Norton Reamer, the New York firm's president and chief executive officer, and the company's team will stay on, retain an equity position, and continue to oversee the day-to-day business.

"National Bank Financial of Canada and Tokio Marine & Nichido Fire of Japan have elected to continue to participate with Credit Suisse in Asset Management Finance's future growth and be represented on its board," Credit Suisse said.

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