Switzerland’s second largest bank Credit
Suisse has declined to comment on market rumours it is to merge its
asset management unit with its private and investment banking
divisions.
The move has parallels with Deutsche Bank
which combined its existing asset management and private wealth
management divisions into a new business unit, Asset and Wealth
Management, in June.
Go deeper with GlobalData
Clariden Leu integration
The bank’s asset management unit is the
smallest of Credit Suisse’s three divisions, having contributed
just 12% to the group’s pre-tax profit in the first half of
2012.
The merger is expected to cut costs, with the
bank announcing in July that it intends to slash an extra CHF1bn in
expenses by the end of 2013.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe rumours follow Credit Suisse’s decision in
November last year to integrate former private banking subsidiary
Clariden Leu back into Credit Suisse in a bid to save around
CHF200m ($218m) annually.
Private equity units cut
adrift
The bank agreed to sell off part of its
traditional asset management business in 2008, which had
approximately CHF75bn ($80bn) in assets under management, to
Aberdeen Asset Management Plc.
On top of plans to cut expenditure, Credit
Suisse said in July that it would sell two private equity
units.
The asset management unit had CHF360.5bn in
AuM at the end of June, of which CHF135.3bn are currently managed
for private banking clients.
The potential move was originally reported by
Swiss business magazine Bilanz.
