Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Credit Suisse plans to overhaul asset-management units

Switzerland's Credit Suisse is planning to integrate its asset-management entity with the private and investment banking divisions, in a move to reduce operational costs and increase work efficiency.

Sources familiar with the matter told The Wall Street Journal that the bank is yet to finalise on the plans and a decision could be reached in October.

Its asset management contributed only 12% to Credit Suisse Group’s pretax profit in the first half of this year, according to the financial data released by the bank.

The bank had intended to offload its two private-equity units in July to meet new regulatory requirements on investments in hedge funds and private-equity funds brought by the US Volcker rule.

In the early 2012, the bank had also slashed its asset management operations in Aberdeen Asset Management to less than 3% from 20% by the end of the second quarter.

Credit Suisse asset-management unit oversees approximately $360bn in assets and provides mutual funds, alternative investments and other products to institutional clients and private investors.