UK-based Greensill group is preparing to file for insolvency and is in talks to sell parts of its business to US-based private equity firm Apollo Global Management, after the loss of backing from asset managers Credit Suisse and GAM. Greensill declined to comment on the insolvency preparations or the Credit Suisse move. Apollo also declined to comment.
Credit Suisse’s asset management arm added in a statement that it was closing the funds as a result of valuation uncertainties, reduced availability of insurance coverage for new investments, and challenges in sourcing suitable investments.
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