A Credit Suisse news release said the new offering is designed for plan sponsors in the process of implementing a transition, a corporate buyback, raising cash for distribution to pension fund participants or reallocation of assets and funding new managers with cash.
The SponsorCross product manages the first step of the crossing process by identifying crosses between plan sponsors only, while optimizing and maximizing crossing opportunities, the announcement said. All crosses between plan sponsors that are generated by SponsorCross are priced using the closing prices of the benchmark date and printed on the respective exchanges. Once the first step of crossing between plan sponsors is complete, the second step is to cross the order with other Credit Suisse client flow to potentially reduce implementation costs for plan sponsors, Credit Suisse said.
“The role of SponsorCross is to provide equal opportunities between Plan Sponsors to potentially reduce risk and associated implementation costs (implementation shortfall) of a transition,” said Hari Achuthan, a director in the Pension Strategies & Transition Management group at Credit Suisse
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