Now the asset management unit, traditionally a stable business, is turning into a major headache for the year-old, who took over as Chief Executive Officer from Tidjane Thiam in February. The asset management unit in particular has been hit hard recently, with Credit Suisse closing down funds and laying off employees at its alternatives business, and overhauling investment guidelines for others.
Gottstein said in September that the bank is planning a strategic review of asset management over the next 12 months, though for now, he has ruled out a sale or merger. Aventicum Capital Management, a joint venture with the Qatar Investment Authority, is closing two groups of funds and returning capital to investors, Credit Suisse said last month.
The bank previously indicated it expects more restructuring costs and potential mark-downs as it continues to review the portfolio of alternative investments. Swiss rival Julius Baer Group Ltd. Credit Suisse has since overhauled the rules for those funds.
For more articles like this, please visit us at bloomberg. Load Error. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. Found the story interesting? Like us on Facebook to see similar stories. I'm already a fan, don't show this again. Send MSN Feedback. How can we improve? Please give an overall site rating:.
Privacy Statement. Opens in a new window Opens an external site Opens an external site in a new window.
